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Anthropic’s Alibaba Fight Raises a Trillion-Dollar Question for IPO: How Defensible Is a Frontier AI Moat Against China with Washington's Toolbox?

Anthropic says the alleged campaign used more than 28.8 million exchanges and could have helped Alibaba train competing models at lower cost.

Summary by Fortune
Anthropic has alleged Alibaba found a cheaper way to close the already narrowing AI gap: Not by stealing servers or smuggling chips, but by using fake accounts and innocuous interactions with Claude to extract its capabilities and train competing systems at a fraction of the cost. Leading IPO expert Jay Ritter told Fortune that Alibaba’s distillation could either strengthen Anthropic’s IPO story by positioning the company as strategic in the U.S…
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Fortune broke the news in New York, United States on Sunday, June 28, 2026.
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