Anthropic's Billion-Dollar Blind Spot: The Anti-AI Sentiment No Term Sheet Can Price

We didn't see it coming in 2022. We thought the crypto crash was purely a leverage event, a mechanical unwind of bad debt and Ponzi structures. LUNA didn't teach us about public sentiment; it taught us about collateral. But now, watching Anthropic's march toward what could be a trillion-dollar valuation, I see a similar structural blind spot forming. The market is pricing in compute, enterprise contracts, and model capability. It is ignoring the gray rhino in the room: the American public is turning on AI, and that sentiment is becoming a hard capital expenditure line item.