Good morning. On Fortune’s radar today:

  • Anthropic’s $2 trillion valuation isn’t justified by the numbers.
  • Markets: Flat.
  • Did the Fed’s Warsh give guidance about not giving guidance?
  • AI investment is driving consumer inflation.
  • The U.S. deficit suddenly got worse.
  • A quarter of new startup founders were born poor.
  • Here’s who is paying six figures for the advance feed to Trump’s posts.

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This story was originally featured on Fortune.com

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