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Fortune
Fortune
Jim Edwards

Anthropic's $2 trillion math problem: Its underlying business is nowhere near the IPO valuation it wants

Anthropic United States
Photo: Anthropic CEO Dario Amodei and his wife Cami Clark. (Credit: Photo by Ludovic MARIN / AFP)

Good morning. On Fortune’s radar today:

  • Anthropic’s $2 trillion valuation isn’t justified by the numbers .
  • Markets: Flat.
  • Did the Fed’s Warsh give guidance about not giving guidance?
  • AI investment is driving consumer inflation.
  • The U.S. deficit suddenly got worse.
  • A quarter of new startup founders were born poor.
  • Here’s who is paying six figures for the advance feed to Trump’s posts.
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