Binance founder Changpeng Zhao warned that many of today’s AI companies will eventually disappear, even as the sector continues to grow exponentially. He said survivors could face sharp price swings and that only a few long-term winners may emerge after an early funding rush. His comments come as valuations jump at private AI firms such as Anthropic and OpenAI, while questions persist over profitability and heavy spending.

Anthropic raised $65 billion in a Series H funding round, lifting its valuation to $965 billion. TechCrunch reported the fundraising is likely to be the company’s last financing before an IPO. The round was co-led by Altimeter Capital, Dragoneer, Greenoaks, Sequoia Capital, Capital Group, Coatue and D1 Capital Partners, with other institutional investors participating. Samsung, SK Hynix and Micron also joined. Anthropic said it will use the funds to expand safety and interpretability research, increase computing and expand products and partnerships.