Anthropic just hit a $965B valuation on a $65B funding round. That's remarkable — and it tells you something critical about how capital is repricing AI infrastructure vs. the companies that actually BUILD the chips powering it. $NVDA trades at 8.4x sales; Anthropic (private, no revenue waterfall disclosed) is pricing in at roughly infinity on the same metaphorical denominator. The bifurcation isn't new, but the MAGNITUDE is. One is fundamentals. One is narrative.

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