AI's new king "is no better than a mongrel," a million-dollar trading volume transforming into Anthropic's trillion-dollar mirage

Mars Finance News: On May 7, AI giants OpenAI and Anthropic are nearing their listing. At present, the public market values for the two giants are approximately $850 billion and $380 billion, respectively. By comparison, the implied valuations in the on-chain Pre-IPO market are even more exaggerated. Currently, Anthropic’s implied valuation on Juipter has surged and has already exceeded $1.2 trillion, while on Hyperliqud it is $1.143 trillion. OpenAI’s implied valuation on Juipter is $1.05 trillion.

Behind the optimistic implied valuations of AI giants in the on-chain market is, in fact, an illusion. Currently, Anthropic’s daily trading volume on Juipter is only $1.39 million; over the past 24 hours, there have been only 329 traders; and all open position addresses total only 3,530—fewer than a moderately popular meme token. Today’s 329 traders drove Anthropic’s valuation to surpass $1.2 trillion and to overtake OpenAI, making it the leading AI company.

How exaggerated is a $1.2 trillion market capitalization? If it successfully IPOs, Anthropic will directly jump into becoming the world’s 11th-largest publicly listed company, creating a new business-myth moment in commercial history. In addition, Anthropic’s daily trading volume on Hyperliqud is also in the million-dollar range, with open interest of only $6.7 million.

On-chain is a mirage—so what about the traditional market? Bubble cycles among AI giants are just as pervasive. Mega-scale cloud service providers such as Microsoft, Nvidia, Google, Amazon, and others have poured large investments into large-model companies like OpenAI and Anthropic, often injecting hundreds of billions of dollars. And these AI companies then use nearly all of that money to buy investors’ products—Nvidia’s GPUs, the cloud computing power of Microsoft/Amazon/Oracle, and so on. On the surface, revenue surges and valuations skyrocket; everyone seems to be “making money,” but in reality it’s the same money circulating inside a closed loop, manufacturing the appearance of prosperity—depending on continued fresh capital injections and heavy burn, while real profitability and broad productivity improvements have yet to be realized.