Anthropic’s $2 trillion problem: Its underlying business is nowhere near the IPO valuation it wants

Good morning. On Fortune’s radar today:

• Anthropic’s $2 trillion valuation isn’t justified by the numbers.
• Markets: Flat.
• Did the Fed’s Warsh give guidance about not giving guidance?
• AI investment is driving consumer inflation.
• The U.S. deficit suddenly got worse.
• A quarter of new startup founders were born poor.
• Here’s who is paying six figures for the advance feed to Trump’s posts.

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This story was originally featured on Fortune.com