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So Anthropic had to pay less than 1% of their valuation despite approximately their entire business being dependent on this and similar piracy. I somehow doubt

So Anthropic had to pay less than 1% of their valuation despite approximately their entire business being dependent on this and similar piracy. I somehow doubt their takeaway from that is "let's avoid doing that again".

simonw 10mo ago
Their main takeaway was that they should legally buy paper books, chop the spines off and scan those for training instead.
ben_w 10mo ago
Two things: First: Valuations are based on expected future profits. For a lot of companies, 1% of valuation is ~20% of annual profit (P/E ratio 5); for fast growing companies, or companies where the market is anticipating growth, it can be a lot higher. Weird outlier example here, but consider that if Tesla was fined 1% of its valuation (1% of 1.5 trillion = 15 billion), that would be most of the last four quarter's profit on https://www.macrotrends.net/stocks/charts/TSLA/tesla/gross-profit https://www.macrotrends.net/stocks/charts/TSLA/tesla/gross-p... Second: Part of the Anthropic case was that many of the books they trained on were ones they'd purchased and destructively scanned, not just pirated. The courts found this use was fine, and Anthropic had already done this before being ordered to: https://storage.courtlistener.com/recap/gov.uscourts.cand.434709/gov.uscourts.cand.434709.231.0_4.pdf https://storage.courtlistener.com/recap/gov.uscourts.cand.43...