Anthropic/OpenAI's valuations are built on assumption of capturing most of the market and having the pricing power to jack up prices for tokens.

It is enough to kneecap their pricing power to trigger the valuation reset by an order of magnitude and humble them a bit.

Plus there are always infrastructure and hardware providers who want to keep their share of profits and will squeeze Anthropic's margins to deflate their valuation (nvidia, aws, RAM manufacturers, etc)