The First AI IPO Won’t Decide Who Wins AI
Why the industry's next winners may not be the companies building the models. The Industry Is Asking the Wrong Question The technology industry has found a new proxy contest: whether OpenAI or Anthropic will become the first major AI company to reach the public markets. The story has acquired the familiar rhythm of a platform race: whoever arrives first is assumed to define the category. But being first to list is not the same as being best positioned to capture the market. An IPO is a… [...]
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