Billionaire investor Howard Marks lays out why valuing AI companies like Anthropic is so tricky
THE SO WHAT
Howard Marks flagging the difficulty of forecasting what an AI lab like Anthropic will earn in five years is a reminder that public-market valuation frameworks are still catching up to AI business models. If you’re raising or allocating capital, expect wider valuation bands, more scenario analysis, and heavier scrutiny on unit economics rather than TAM slides.
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