而溢价并非原罪。创新药的估值从来不是按当期利润定价，而是按未来管线价值折现。但在18A进入“兑现时代”的背景下，溢价意味着更高的兑现压力。资本不再为“可能性”买单，而是为“可验证路径”付费。
这个时候，媒体人的核心价值，必然存在于 AI 还无法触达的绝对领域：商业世界里的人际博弈、互联网之外的一手信息、以及媒体人赖以安身立命的行业价值观，亦即所谓媒介伦理。
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Anthropic's leadership justifies changing their minds and their actions with right-sounding reasons, but consistently changes their minds towards and acts as a de facto less responsible Anthropic; this is much less likely in a world where they're truly learning more about all sorts of issues and the changes in their views are a random walk, than in a world where they change their minds for pragmatic reasons, and are very different from the image they're presenting internally and externally.
此次基石投资者合计获配2012.01万股，占全球发售49.21%，所认购股份的锁定期截至2026年8月2日。