The new AI king is "worse than on-chain meme," with millions of transactions transforming into a trillion-dollar mirage for Anthropic.

According to Mars Finance, on May 7th, AI giants OpenAI and Anthropic are nearing their IPOs, with current public market valuations of approximately $850 billion and $380 billion respectively. In comparison, the implied valuations in the on-chain pre-IPO market are even more exaggerated. Anthropic's implied valuation on Juipter has surged to over $1.2 trillion, and on Hyperliqud it's $1.143 trillion. OpenAI's implied valuation on Juipter is $1.05 trillion. However, the optimistic implied valuations of these AI giants in the on-chain market are actually a mirage. Currently, Anthropic's daily trading volume on Juipter is only $1.39 million, with only 329 traders in the past 24 hours and a total of only 3,530 holding addresses—less than a moderately popular meme token. Today, 329 traders propelled Anthropic's valuation past $1.2 trillion, surpassing OpenAI to become the AI leader. To put this valuation into perspective, a successful IPO would make Anthropic the 11th largest publicly traded company globally, creating a new legend in business history. Furthermore, Anthropic's daily trading volume on Hyperliqud is also in the millions of dollars, with an open interest of only $6.7 million. If the blockchain is a mirage, what about the traditional market? A similar bubble cycle exists among AI giants. Massive cloud service providers like Microsoft, Nvidia, Google, and Amazon are investing heavily in large-scale companies like OpenAI and Anthropic, often injecting tens of billions of dollars. These AI companies then use almost all of this capital to purchase products from these investors—Nvidia's GPUs, Microsoft/Amazon/Oracle's cloud computing power, and so on. On the surface, revenue has skyrocketed and valuations have soared, and everyone seems to be "making money." However, in reality, the same sum of money is circulating in a closed circle, creating a false sense of prosperity. It relies on continuous new capital injections and high-volume spending, while real profits and widespread productivity improvements have yet to materialize.