Is Gen Z Completely Cooked? With Ed Elson

Public AI stocks like NVIDIA look cheap relative to private-market darlings OpenAI and Anthropic, where losses and hype are most concentrated.

• AI lab bubble, not broad bubble: Ed Elson argues the AI bubble is concentrated in private markets (OpenAI, Anthropic, SB Energy) while public AI names like NVIDIA trade at ~16x forward earnings, a 'consumer staple valuation.'
• Anthropic/OpenAI financials questioned: Leaked data show Anthropic lost $4.2B on $4.5B revenue with heavy customer concentration; OpenAI and Anthropic are valued near $1.5T-$2T despite billions in operating losses.

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