Anthropic and OpenAI might be building the future, but someone else may own it

Wall Street is busy preparing for what could become the three biggest initial public offerings in history. SpaceX has already gone public, and Anthropic and OpenAI are expected to follow suit. Yet even as investors scramble to get in, doubts are growing over whether these frontier AI labs can ever generate enough value to justify their astronomical spending. The sheer scale of it is just staggering. Anthropic lost more than $8 billion last year despite generating $4.6 billion of revenue, and...