OpenAI Secondary Market Demand Sinks as Anthropic Runs Hot (2)

OpenAI shares have fallen out of favor on the secondary market — in some cases becoming almost impossible to unload — as investors pivot quickly to Anthropic, its biggest competitor.

Even as OpenAI raced in recent months to raise tens of billions of dollars, Next Round Capital founder Ken Smythe said his secondary marketplace was seeing a drop in demand for shares of the artificial-intelligence giant. About a half-dozen institutional investors — including hedge funds and venture capital firms that hold large stakes — approached his company in recent weeks looking to sell about $600 million of OpenAI ...