Think about it. Google's latest Gemini AI is just behind Anthropic's best offering -- or, in fact, it may be slightly superior. Google also has dozens of other mature, cash-cow businesses, massive infrastructure, their own hardware accelerators, an army of smart technical staff... and leadership that, for all its faults, isn't a literal cult.

Anthropic has a top-tier LLM among other top-tier LLMs. Claude is great, but not unique. Anthropic has effectively no other assets, many genuine liabilities, a downright bizarre wet-lab venture, and leadership that's... well...

So, the way I see it, either Google is massively undervalued, or Anthropic's IPO is massively overvalued. Am I somehow off base here?