Could frontier AI labs face a WeWork-style reckoning?

Marcus on AI argues that falling token demand, Chinese open-weight price wars, and a revised OpenAI revenue forecast cut by $20 billion make trillion-dollar valuations for OpenAI and Anthropic hard to justify.

The post also cites rising liability risk from poorly controlled agents and a U.S. appeals court copyright ruling against generative AI companies. OpenAI has pushed its IPO to 2027, and Anthropic has not yet publicly released its S-1 filing.