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EE Ed Elson Ed Elson Co-Host of Prof G Markets and author of Simply Put.

“The AI exuberance that they have gotten accustomed to in the private markets no longer exists in the public markets. … Sentiment is waning. Valuations are returning to Earth. And as sexy as Anthropic might be, this new IPO price is evidence that the era of AI euphoria is about to come to an end.”

Prof G Markets · Money & Markets · November 2026

“The AI exuberance that they have gotten accustomed to in the private markets no longer exists in the public markets. … Sentiment is waning. Valuations are returning to Earth. And as sexy as Anthropic might be, this new IPO price is evidence that the era of AI euphoria is about to come to an end.” — Ed Elson, Prof G Markets

Context

In his closing take, Ed Elson discusses the lowered valuation target for Anthropic's IPO compared with a few months ago. He argues the company had two options, delay or cut the price, and that the cut reflects a cooling public market for AI names.

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Transcript

Prof G Markets Around 33:10 into the episode
Ed Elson

Final question. You said that you were hawkish. It's likely that we're going to see another rate hike soon. I assume that we're going to see, in your view, several rate hikes coming at this point.

Speaker 1

…three or four one-offs hitting us all at once? Or do you think there's one underlying story? And I've started to move from just waiting for the one-offs to work their way out of the system to starting to believe a little more, actually, there's just one thing going on and it's called inflation.

Ed Elson

…has gotten taken to the cleaners as well. The stock is down 16% in the past year, and it's off more than 30% from its October highs. And so several weeks ago, we asked a simple question. What would happen if Anthropic traded like NVIDIA? The answer is quite simple. Its valuation would go from $2 trillion to $1 trillion. We are not quite there yet at 1.3, but we are certainly getting close. Sentiment is waning. Valuations are returning to Earth. And as sexy as Anthropic might be, this new IPO price is evidence that the era of AI euphoria is about to come to an end. Okay, that's it for today. This episode was produced by Claire Miller and Alison Weiss and engineered by Benjamin Spencer. Our video editor is Brad Williams. Our research team is Dan Shallon, Kristen O'Donoghue and Mia Slaverio. And our social producer is Jake McPherson. Thank you for listening to ProfG Markets from ProfG Media. If you liked what you heard, give us a follow. I'm Ed Elson. I will…

Speaker names come from our own diarization. The position is estimated from where the line sits in the episode.

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