AI New King "Not as Good as a Native Dog": Million Trades Volume Transforms Anthropic Trillion-Dollar Market Mirage

BlockBeats News, May 7th – AI giant OpenAI is about to go public with Anthropic, and the current public market valuations of the two giants are approximately $850 billion and $380 billion, respectively. In comparison, the implied valuations in the on-chain Pre-IPO market are even more exaggerated. Currently, Anthropic's implied valuation on Jupiter has skyrocketed to over $1.2 trillion, while on Hyperliquid, it is $1.143 trillion. OpenAI's implied valuation on Jupiter is $1.05 trillion.

Behind the optimistic implied valuations of AI giants in the on-chain market is actually a house of cards. Currently, Anthropic's daily trading volume on Jupiter is only $1.39 million, with only 329 traders in the past 24 hours, and a total of 3,530 holding addresses, which is less than a moderately popular meme token. Today's 329 traders have driven Anthropic's valuation to surpass $1.2 trillion and overtake OpenAI as the leading AI company. The $1.2 trillion market cap is so exaggerated that if Anthropic successfully IPOs, it will directly become the 11th largest publicly traded company globally, creating a new myth in business history. In addition, Anthropic's daily trading volume on Hyperliquid is also in the million-dollar range, with an open interest of only $6.7 million.

If the on-chain market is a house of cards, then what about the traditional market? Similarly, there is a bubble cycle among AI giants. Massive cloud service providers such as Microsoft, Nvidia, Google, and Amazon have heavily invested in large model companies like OpenAI and Anthropic, investing billions of dollars, and these AI companies in turn use almost all the funds to purchase investors' products—Nvidia's GPUs, Microsoft/Amazon/Oracle's cloud computing power, etc. On the surface, revenue is surging, valuations are soaring, and all parties are "making money," but it's actually the same money circulating within a closed circle, creating a false prosperity, relying on continuous new capital injections and high cash burn, while real profits and widespread productivity gains have yet to be realized.