Two headlines injected new uncertainty into the AI trade on Friday. Here's why they matter: 1. Anthropic may receive a "high junk" credit rating after their IPO rather than "investment grade". So far, Anthropic has relied on massive borrowing to fund their compute buildout and training of new frontier models. A worse-than-expected credit rating could make it more expensive and difficult for them to continue borrowing like they have been. 2. OpenAI decreased the size of their latest funding round from $30B to $20B and lowered their target valuation from $1.4T to $1.25T. This is a clear sign of lower-than-expected demand for OpenAI before they even begin pursuing an IPO and is causing a re-evaluation of what valuations other AI companies should expect.