> I say don't muddy the water with the public panic over "will it won't it" bubble burst predictions.

It does matter. The public ultimately determines how much they get in funding if at all.

> The effective demand for Opus 4.5 is bottomless; the models will only get better.

The demand for the Internet is bottomless. Doesn't mean Dotcom didn't crash.

There are lots of scenarios this can play out, e.g. Anthropic fails to raise a certain round because money dried up. OpenAI buys Anthropic but decides they don't need Bun and closes out the project.