Anthropic: massively overvalued or the future $2T company that wins it all?

I keep seeing two completely opposite takes on Anthropic and I genuinely can't tell which camp is delusional. The bear case: They're burning cash at an insane rate, Claude's market share is still behind GPT, they have no real moat beyond safety branding, and the moment Google or Meta decides to go all-in on a safety narrative, Anthropic becomes redundant. At $350B valuation they're priced for perfection in a market that changes every 6 months.