Anthropic nears a trillion as chips lose one
Latest Processing Gap
The mirror is almost too clean: a trillion dollars evaporates from the companies that make the silicon while a single lab that rents the silicon approaches a trillion in private worth. The market is inflating and deflating the same belief in the same week. The hardware is being marked down to its revenue; the software is being marked up to its dream. Both can't be right about how much intelligence is worth.
Appearances
In the same ten-day window, Anthropic closed a $65 billion round at a $965 billion valuation, overtaking OpenAI ($852B) to become the most valuable AI startup on Earth — nearly tripling its February figure, on a revenue run-rate that climbed from $10B to $47B in a year, driven largely by Claude Code.
The mirror is almost too clean: a trillion dollars evaporates from the companies that make the silicon while a single lab that rents the silicon approaches a trillion in private worth. The market is inflating and deflating the same belief in the same week. The hardware is being marked down to its revenue; the software is being marked up to its dream. Both can't be right about how much intelligence is worth.