Jason

People were looking for liquidity and said they were institutional investors.

Anthropic, currently valued at $300 billion, is seeing major secondary bids at a $600 billion valuation.

So I think Chamath

What this shows us is you're correct.

OpenAI and Anthropic are the two next cards.

That's your turn in river, folks, if SpaceX is the flop.

And maybe they're massively overvalued right now.

Maybe they're three, four, $500 billion companies, not trillion-dollar companies.

And if you look at the amount of revenue,

$24 billion for OpenAI at $852 billion.

That's 35 times price-to-sales ratio.

And that is an absurd price-to-sales ratio, depending on if the growth keeps happening.

And as you referenced, Chamath, what if we are at Artificial General Intelligence, AGI, and the moats on these things is de minimis, or there is no moat.

Anthropic just got hacked.

All their secrets are out.

Somebody transmuted the code into another language, posted it on GitHub.

Can't be stopped.

I don't know if you saw that story, Freeberg, but this was kind of mind-blowing.

Somebody took the Anthropic code, I don't know what it was written in, and then basically just put it into another language, reposted it,

If Anthropic comes and says, hey, you can't do that, well, that negates their argument, Chamath, that they're allowed to train on other people's data and then spit out a different output.