Aswath Damodaran

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.

Curious to get your thoughts on the dollar and how it intersects with different markets.

I'm trying to get insight into a political race or earnings estimates.

I would go to either pollsters or I'd go to, you know, name the bulge-racket investment bank analysts to try and get some insight.

Not to go to your party market?

You read my mind.