Is this a surprise?
By any sane normal sense of business and financials these AI labs look terrible on paper.
Any loan would be speculative at best, and the rating would simply reflect that.
Investing in these companies is like going wild at the casino. Sure you might make a fortune but strong odds are you’re gonna lose your shirt.
The world is using 300T token a day. Barely anyone is using AI. This number would grow 30x. If there is anything, Google, OpenAI, Anthropic are undervalued by a great deal.
I’ve discussed with many people at work, all engineers, they’re weirdly oblivious. Most are shocked when I say things like OpenAI and Anthropic are gonna crater.