Anthropics only moat is vendor lock on Claude Code, especially if they cant maintain being the front runner of the frontier model space, this is a really brittle moat. Brittle moats wont attract strong investment at a 1-2T valuation (not to mention all the other fiscal unknowns).
I just want OpenAI and Anthropic to lose because they seem to be the ones going around saying they're going to replace peoples jobs, and usurp the value of human labor.
Id rather Meta and Gemini suceed who will genuinely just integrate it into normal products we already use. Their sales teams are not approaching my boss and telling them they can reduce their payroll burden by spending my paycheck on tokens and firing me.
Coding is going to be one of the smaller pieces of the AI revolution. People on this site are focused on it, but there are 10000x more opportunities outside of coding where Anthropic and OpenAI have zero presence. Anthropic might as well be an IDE company, Is jetbrains worth 2T? to signal that they can be useful in other fields because they know this is an issue.