Because Anthropic's assets have not fallen while its liabilities have risen, its equity value must fall under the balance-sheet equation.

“Okay, let's think about the, the balance sheet. Assets equals liabilities plus equity. As liabilities have gone up, two things have to happen: either your assets have to go down or your equity has to go down.”

“Well, your assets haven't gone down. That means your equity, the, the value of your equity has to go down. This is where it might get a little complex . But how the, how the three statements link is-”