$600 million worth of OpenAI shares left untouched—last year, this amount was snapped up in just a few days. Ken Smythe from Next Round Capital says none of his hundreds of institutional clients are willing to take it on. The collapse of confidence in AI is outpacing the speed of tech iteration, yet Anthropic's stock continues to heat up. Next, we'll see if OpenAI's valuation logic can still hold up.