"They were valued last week at $700+ billion weren't they?" So?

The money they have available is what is on the balance sheet, which they are burning right-through whilst facing immense competition and never-ending reinvestment, given that Google will carry on doing so. Cash flows from operations is a big fat negative.

I see Google first killing OAI, then eventually doing the same to Anthropic, once they figure out a suite of products that truly revolutionises the work of a sofware engineer beyond just talking to a chat interface, and bundle it into their existing offerings for enterprise.