the only actually valuable company making IPOs at the moment is anthropic, and the reason is that their engineers are actually competent at making the flaky, primitive LLM technology capable of doing at least postgrad CS level engineering. openai couldn't make an engineer-robot if their lives depended on it, and grok/xai is even worse
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It’s kind of difficult to valuate a company when models could be open-sourced just weeks after release, and where everyone will be able to build their own model within a few years.