> And the fundamentals here are OpenAI and Anthropic, which are massively valued companies. They have humongous commitments and are generating real revenue on t

> And the fundamentals here are OpenAI and Anthropic, which are massively valued companies. They have humongous commitments and are generating real revenue on the order of twenty billion a year. I think the size of their commitments is predicated on demand. Anthropic's annualized revenue run rate is now close to $50 billion, a fivefold increase from a year before [1]. They are making big investments, like $200 billion on Google's TPUs over the next five years [2], but those numbers seem justified by their expected revenue this year alone. If Anthropic cannot capture that revenue, someone else will. Stock market valuations are a different beast, I personally think we have been due for a correction for ages now. But criticism of AI investment and particularly betting that it will all come crashing soon appears misguided to me. I can see a future where AI expenditures shifts around, not a future where everyone simply stops spending in AI all of a sudden. [1] https://www.marketscale.com/industries/software-and-technology/anthropics-47b-run-rate-googles-alphaevolve-ga-and-netflixs-genpage-signal-enterprise-ai-is-entering-a-new-operational-phase https://www.marketscale.com/industries/software-and-technolo... [2] https://www.resultsense.com/news/2026-05-06-anthropic-200bn-google-cloud-tpu/ https://www.resultsense.com/news/2026-05-06-anthropic-200bn-...