Is Anthropic Worth Two Trillion Dollars?

Podcast · ~33 min · Listen · (gathered 2026-09-30)

• Patrick Boyle questions the reported $2 trillion IPO valuation for Anthropic, framing the current AI boom as a potential bubble, especially when compared to Nvidia’s relatively cheaper valuation despite being the primary revenue generator in AI.
• The video highlights how rising interest rates and a 5% ten-year Treasury yield negatively impact AI stock valuations, and draws parallels to the dotcom bubble by revisiting Scott McNealy’s warning about Sun Microsystems, suggesting today’s AI giants could become the “Yahoo and Lycos of this era.”
• It scrutinizes the use of “Total Addressable Market” (TAM) estimates to justify valuations, citing examples like Amazon, Uber, and WeWork, and points to circular financing schemes involving Nvidia, OpenAI, and SoftBank, alongside an emerging AI price war with Chinese open-weight models like DeepSeek, as potential red flags.