As Anthropic approaches profitability and OpenAI eyes an IPO, investors are confronting a bigger question about AI economics: enterprise revenue or consumer scale?

Cheaper AI models from Chinese and Western rivals are eroding OpenAI and Anthropic's pricing power, raising questions about their sky-high IPO valuations.

As Anthropic approaches profitability and OpenAI eyes an IPO, investors are confronting a bigger question about AI economics: enterprise revenue or consumer scale?