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The Valuation Hierarchy Is Backwards
The next GLP-1 trade may be real. But the prices investors are paying for Veradermics, Absci and Cosmo tell a much stranger story.
The $900 Billion Prepayment
Anthropic may become one of the largest companies ever built. That still does not make it worth $2 trillion today.
Where the Displaced Return Goes
If AI compresses the return that used to accrue to skill, that return does not evaporate on contact. It has an incidence — and three of its four destinations are unreachable by the person who used to collect it.