Also the switching cost. If its negligible theres no reason for Anthropic to be considered a going-concern in the long term. So its valuation makes no sense fro

Also the switching cost. If its negligible theres no reason for Anthropic to be considered a going-concern in the long term. So its valuation makes no sense from a DCF basis unless you are expecting a liquidation in future. But even then, the liquidation value still doesn't justify its valuation today.