Look at Anthropic’s latest raise. Look at the size and the names participating; funds of every kind. We should think rationally about this. Is it a bubble? Perhaps. But I’m choosing to believe there’s something deeper at play here. The question at the end of the day is whether or not you think: 1) AI will eat the world one day, 2) AI will end up producing close to all of current and possible GDP and 3) if these companies are the right ones to get there. Even if your probabilities on any of these 3 are infinitesimally small, the size of 2) is so infinitely large that you will end up betting the farm as long as your probabilities on these 3 are all non-zero. It’s actually the rational move in an ergodic simulation. — What is interesting to me is that this should hold true for individuals as well. If your probabilities on all 3 are non-zero, the rational move is to actually take drastic change to bet it all on AI. Whether this means investing it all in the AI companies or creating companies that can grow as AI grows or joining OpenAI/Anthropic/xAI/etc yourself.