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Value creation and value capture are different things. Airlines transformed the world and never made money; the surplus went to passengers. Days after launching its best model, Anthropic includes it in existing plans. That is what competition does: the surplus goes to users, not to the labs. Profits will not justify these valuations.
Beginning July 20, Claude Fable 5 will be included in all Max and Team Premium plans, at 50% of limits. Pro and Team Standard users will continue to have access to Fable via usage credits, and will receive a one-time $100 credit. Demand for Fable has been challenging to predict, which is why we rolled it out to subscription plans in stages, extending access several times as we secured additional capacity.
Here's a detailed analysis of whether and how AI labs can capture value https://www.normaltech.ai/p/up-the-stack-how-ais-escape-from by me and @akashkapur. (In the Further Reading section we discuss where our analysis agrees/disagrees with Prof. Garicano's.)
Value creation and value capture are different things. Airlines transformed the world and never made money; the surplus went to passengers. Days after launching its best model, Anthropic includes it in existing plans. That is what competition does: the surplus goes to users, not to the labs. Profits will not justify these valuations.