Anthropic is going 1,400% YoY but OpenAI is not anywhere close. Their models are close in capabilities and now Anthropic is choking on the lack of compute. Claude Code doesn't have any secret sauce that Codex doesn't.

I fully expect OpenAI to grow faster the rest of the year due to higher compute capacity.

> I fully expect OpenAI to grow faster the rest of the year due to higher compute capacity

Sure. OpenAI needs to be doing $200bn in ARR by 2028 (versus company guidance of under $100bn) to make a PRG of 7x. Nobody thinks that's going to happen, which means its–and Anthropic's, though as we've seen to a lesser degree–are based entirely on multiple expansion.

If that multiple assumption is sustained, everyone wins. If it isn't, OpenAI goes bankrupt while Anthropic limps home. If you're still not seeing the difference between growth and overvaluation, on one hand, and the binary consequnces of leverage, on the other hand, and why one is intrinsically linked to bubbles popping (versus deflating), I can try to think of an analogy.