Anthropic and OpenAI window for a successful IPO is reducing day by day. All that pressure from their debts, compute costs, infrastructure investments, training costs, and open weight models continuing to improve. I know the stock market is all about hype and isn’t rational, but there will be a point where the hype will fade away, and they have no moat that will differentiate them from the rest.

Good for consumers, it’s competition at its best, we get cheaper, better services. But I would be pretty concerned integrating an AI lab products into my business without having a good abstraction that makes it easy to swap between vendor.