Anthropic’s second biggest issue is they increasingly rent when others buy. Even if model value compresses, owning your vertical stack protects your margins upstream, and potentially downstream in applications.

But the biggest issue is this. Many hate Dario because he’s smug, he caps usage, and because OpenAI effectively ran a counter-positioning campaign to paint Anthropic as undemocratic.

Who is he really and what are his motives? None of you know, really.