Investors searching for an artificial intelligence bubble may be looking in the wrong place, technology investor Paul Kedrosky told Benzinga in an exclusive interview. The number of publicly listed companies has declined, he said, while much of the speculative value has shifted into private markets, where companies such as Anthropic and OpenAI have reached enormous valuations. Anthropic, which publicly filed its S-1 registration statement Monday, could soon provide a major test of those private-market valuations. The Private Companies Are the New Public Companies Kedrosky said investors often challenge his bubble argument by pointing to the relatively modest earnings multiples of publicly traded technology companies.
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