The Problem With OpenAI and Anthropic. $1.2 Trillion in AI Wants to Go Public, and Neither Company Can Close the Trust Gap.

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OpenAI and Anthropic are racing toward IPOs worth more than $1.2 trillion combined. This analysis examines why both companies spent March handing investors reasons to doubt them: a New Yorker investigation that reopens every question about Sam Altman's candor, two source-code leaks that crack Anthropic's safety brand, and a CFO who says her own company isn't ready. The safety premium is becoming a governance discount.

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