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A $30T TAM makes an incredible IPO headline. Capturing it is another story. Anthropic's projected $190B-$200B revenue in 2028 would equal only about 0.6% of that opportunity. That's why I'd ignore the giant TAM and watch retention, pricing power and compute costs instead. AI can transform knowledge work and still produce disappointing returns if economics don't scale. The IPO shouldn't be valued on how big AI could become, but how much value Anthropic can actually keep. #Anthropic30TTAM