A lot depends on whether the z.ai CEO, who just released the first freely-available Opus-class model weights, is blowing smoke when he claims he's less than a year away from achieving Fable-level performance.

If he walks the talk, I really do not understand how either OpenAI or Anthropic is going to justify the twelve-digit valuations they are hoping for. They will just be some people who bought a domain name and rented some GPUs.