The worst kept secret in AI: Token spend is moving to open weights

Jared Carmel runs a $3.7 billion venture secondaries platform, which means he trades pre-IPO stakes for a living, and he tells Brian Sozzi the Anthropic IPO should come well below the $2 trillion the market has been talking about. His reasoning is that valuations have been offsides for years and this one needs to be priced to sell to the buyer rather than to the company. He also argues SpaceX and Tesla already operate as one business, says OpenAI made a mistake not listing this year, and flags that token spending has flipped from foundational models to open weights. Featuring Brian Sozzi, Exec