[zarzavat]

> Lots of organizations are continuing to refuse to use chinese models due to security and IP concerns

These customers exist (e.g. US military) but there's not enough of them to justify a trillion dollar valuation.

Anthropic's valuation is predicated on growth. If they start going backwards and losing customers to open models, it hurts their ability to gather investment and with it the ability to train new models, leading to a death spiral.

The best they can hope for is that the US gives them state aid to compete with China, however their relationship with the current administration is not great.