> If Microsoft Windows and Office can have a valuation in the trillions then Claude eventually working its way to the same ballpark isn’t a crazy assumption.

Yeah I agree with that. However a "valuation in the trillions" ain't very different from their IPO price.

Seems like lots of risk for proportionally very little return.

A $2T valuation may not be that crazy but thinking it'll make returns like Amazon/Google/Meta/Nvidia isn't reasonable.