Huang Lao is basically planning to eat the entire AI industry from start to finish. Nvidia is considering putting up as much as $10 billion into Anthropic’s mega IPO, whose valuation has been called at a staggering $2 trillion. From selling shovels (chips) to becoming the market maker, the AI narrative’s valuation is absolutely not playing by the rules. Before the IPO, if this kind of news is released, everyone understands—it's meant to warm up the crowd. If the company truly issues at this valuation, it would be the ceiling from the get-go, and would-be bagholders had better weigh the risk-reward ratio carefully.

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