Cheap AI could derail OpenAI and Anthropic's IPOs

Chinese AI labs like DeepSeek are matching American frontier capability at a fraction of the cost and adoption is already shifting, with Chinese models taking a growing share of enterprise AI traffic. That's a problem for OpenAI and Anthropic, which are pitching IPO investors on a premium moat that's eroding fastest in the enterprise segments they need to dominate. CNBC's Deirdre Bosa explains how cheap AI from Chinese and American competitors could derail OpenAI and Anthropic's upcoming IPOs.