Anthropic's IPO and 1906 Railroad Prices

David’s question: “Is AI going to create compounding returns that outpace the fixed interest rates on Anthropic's commitments, or do you think this is a bubble?”

Eve: “So my actual prediction: Anthropic probably survives and probably wins its category, but the IPO price is almost certainly too high, and the first two years of public trading will be ugly. The question for a buyer isn't whether Claude is good. It's whether you're paying nineteen-oh-six railroad prices for a nineteen-thirty railroad.”