There is a heavy amount of circular investments in the industry, among competitors. There is a private placement that is made in parallel with the public offering, through $26B of a special stock, according to the S1. They all have a lot to gain from a successful Anthropic public issue. The problem is it blurs the signal, we don't how much is overvaluation that contributes to a bubble.

I don't think there has often been such an intertwined industry before. Usually cartels are made through discreet partnerships at the operational level, this is an interconnection in the background at the financial one.