> Why would you say we're in an OpenAI bubble if Anthropic is valued more than OpenAI now?
One, it’s not. They’re roughly even. The folks quoting crypto tokens don’t know what they’re talking about.
Two, Anthropic has more revenue and higher-quality growth.
Three, OpenAI is levered in a way Anthropic and the tech giants are not.
Nobody is immune from being overvalued. But what separates a bubble from normal overvaluation is leverage—the consequence of the valuation deflating isn’t just losses, it’s total loss because of debt or debt-like obligations.
OpenAI has racked those up in its datacenter drive. Anthropic and the tech giants have been more disciplined. If OpenAI’s revenues dip, its valuation not only crashes, its commitments to various datacenter projects start strangling it.
alt Hacker News
> Why would you say we're in an OpenAI bubble if Anthropic is valued more than OpenAI now?
One, it’s not. They’re roughly even. The folks quoting crypto tokens don’t know what they’re talking about.
Two, Anthropic has more revenue and higher-quality growth.
Three, OpenAI is levered in a way Anthropic and the tech giants are not.
Nobody is immune from being overvalued. But what separates a bubble from normal overvaluation is leverage—the consequence of the valuation deflating isn’t just losses, it’s total loss because of debt or debt-like obligations.
OpenAI has racked those up in its datacenter drive. Anthropic and the tech giants have been more disciplined. If OpenAI’s revenues dip, its valuation not only crashes, its commitments to various datacenter projects start strangling it.