Anyone else think Anthropic’s valuation is going to plummet?

I know this is probably an unpopular take, but I think the market is massively overestimating Anthropic’s moat. Bloomberg is reporting that DeepSeek is already preparing for an IPO after reportedly raising at around a $71B valuation, and they got there by showing you don’t necessarily need insane compute budgets to build frontier models. Meanwhile, models are becoming more interchangeable. OpenAI, Google, DeepSeek, Meta, xAI… every few months someone catches up. So what exactly is Anthropic’s mo