Recent reports indicate that Anthropic's valuation could be down a third from its peak just two months ago as DeepSeek and Kimi are rapidly closing the performance gap at a fraction of the cost. Anthropic is likely spending continuously into falling prices with a product that gets commoditized in a few quarters before it's paid for. That's pharma without patent protection, and nobody pays high valuation multiples for pharma without patents. If frontier models are commoditizing this quickly, ho
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