DeGods founder and trader Frank says the strong revenue growth shown in Anthropic’s latest S-1 prospectus doesn’t mean the risks of investing in AI have disappeared. Frank warned that increasingly similar AI models could intensify competition and squeeze industry margins. He said capital spending commitments extending through 2034 may already be reflected in stock valuations. Frank remains bullish on AI over the long term and may invest heavily in Anthropic’s IPO, but believes it’s still unclear which companies will ultimately come out on top.