Will OpenAI and Anthropic's trillion-dollar valuations face Frontier Labs's WeWork moment?

Gary Marcus questions Frontier Labs's high valuation: The tokenmaxxing craze has faded, Chinese open-weight models have triggered a price war, OpenAI just lowered its revenue forecast by $20 billion, and liability risks from out-of-control agents, along with a new copyright ruling from the U.S. Court of Appeals, make its sought-after massive valuation increasingly difficult to justify. OpenAI has postponed its IPO to 2027, while Anthropic is reportedly set to go public next month but has not yet filed an S-1.