Aswath Damodaran

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I want to focus in on two companies, the two biggest LLMs, Anthropic and OpenAI, which I would argue are technically public companies.

You can buy shares in the secondary market.

I believe Anthropic's raising at $350.

OpenAI, I believe, is trying to close around at $850.

Yeah, I'm curious what you think of those respective valuations on the companies.

And our thesis has been that Anthropic is actually, I don't wanna call it underpriced, but we think that there's gonna be a flip in valuation, that Anthropic has more momentum, more enterprise,

and that OpenAI is a bit more consumer, more vulnerable, and quite frankly, it's just endured a lot of negative PR, which feels like negative momentum.

Have you looked at either or both of these companies in the respective valuations?

So a couple questions.

The first is you mentioned a reference to dollar.

And while the Trump administration and investors will highlight that the S&P was up, I think it was up 17% last year, if you adjust for the dollars,

drop in value against other major currencies, the S&P underperformed almost every other major market.

And it does feel as if the U.S.

dollar is under attack and the catastrophizing around the dollar losing its status as a reserve currency.

You know, rumors of the dollar's demise have been greatly exaggerated, except it does feel wobbly right now.