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Circular deals have always been part of the top companies operations and is absolutely known from a financial perspective since forever, nothing new.

I believe that will continue regardless of regulations, as long as Co Y and Co X is allowed to buy from Co N, then that can't be fixed.

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Scale matters though, right? A few hundred million here and there is vastly different from a few hundred billion. If this means Anthropic won’t IPO, that’s a win I think. Let them exist for another decade, examine the financials and then go public. That way we aren’t being dumped something on irrational exuberance.

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