This is the AI bubble everyone's talking about, but is it justified? Anthropic's pre-IPO cap surged past $1T on secondary markets, yet their official valuation only raised +518% this year. OpenAI just closed a record $122B round at an $852B valuation, a +184% jump on the year. Meanwhile the S&P SaaS sector is down -27% in 12 months. Adobe: -31% Intuit: -31% Salesforce: -32% Figma: -78% The market thinks the value stack is changing, and model labs capture more of the margin, distribution, and product surface that SaaS used to own. Many are calling this just the beginning of a much larger reset, while others are waiting for the bubble to burst. What do you think?
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