[Karaman, a legendary investor, warns that the AI boom has foam characteristics, and its funds refuse to invest in OpenAI and Anthropic] Golden Finance reported that on June 16, Seth Klarman, the founder of the hedge fund Baupost Group, known as "Boston Buffett", recently issued a stern warning on the current AI investment boom. The market valuation has shown obvious foam characteristics, and its funds are completely not involved in the investment of large language model companies such as OpenAI and Anthropic. Karaman managed Baupost for 44 years, recording only 5 loss years during that period, and is known for its strict protection against downside risks. He believes that the current valuation of the technology market is "extremely tight", and investors are making overly optimistic assumptions about the distant future in order to cater to the new era thinking. He made it clear that Baupost did not participate in any investments in trillion parameter language modeling companies because these companies continue to burn a lot of money and face catastrophic consequences once their technology falls behind, which does not meet his definition of a great enterprise. The market tends to simply divide companies into "AI winners," "AI losers," and "AI unknowers," and funds are crazily pouring into the former. Baupost is currently focusing on the "AI unknowable" companies whose valuations have been wrongly killed, that is, those companies that will not be disrupted by AI at all or whose businesses will have little impact from AI. At the same time, the team is also examining some credit assets that are considered "AI losers" by the market, and believes that there may be opportunities for pricing misalignment.