> I guess it explains the haste Anthropic and OpenAI are in to IPO, cash out and leave the the retail investor holding the bag.

Anthropic and OpenAI want to exit because they know they have no moat... and personally, I believe that the sociopaths running the US at the moment want to provoke a great economic crash. The Evangelical ones because they want the armageddon [1], the rich fucks because they took the "you shall own nothing" part for real and want to be the new neo-feudal overlords. And the best way to achieve that is by tying everyone's retirement savings up into their bubbly assets and then crashing down the economy, leading them to buy up everyone's asset at fire-sale prices with the liquid cash they made during the exit.

[1] https://www.theguardian.com/world/2023/oct/30/us-evangelical...