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Exactly, regulation isn't a risk, that's their attempt to avoid their product becoming commoditised.

The risk for investors is they don't succeed in getting regulatory capture because without that they don't have a long term business model

I’m not convinced that regulatory capture really saves the day, either.

If we believe all the hype about programming efficiency, then regulatory capture in the US becomes just one more in a list of many steps the current administration has taken to chase software development jobs overseas.

In Anthropic's case it is pretty openly that. Dario has been very public about existential dangers from Chinese models.

Existential for Anthropic.

And if there was any doubt, look at the difference in their stock price for the prior year when they were "calling for regulation" vs now that there's an actual chance they get regulation by someone they don't control.