Those valuations are built on an imaginary future the founders made investors believe.

The idea is: if we reach true AGI first, we are going to own ALL THE MONEY!

Which erroneously assumes that models can't be siphoned off/recreated, as deepseek proved possible and even reasonably doable. Which in turn fundamentally shows that both openai and anthropic very likely have basically no moat.

I can almost smell another AI winter arriving, once all those valuations meet reality.