I personally feel that Anthropic doesn't understand what this means for the frontier labs, and moreover that they might be the only frontier lab that doesn't.
1. Google dropped Gemini 3.5 Flash at IO, delaying the release of 3.5 Pro for a bit (they have said its coming). They also released a refreshed Antigravity, and drew special attention to how cheaply they were able to build their toy operating system to play Doom (less-than $1000 IIRC).
2. OpenAI has dumped everything into Codex, is offering double the token limits for the next few weeks IIRC, and is offering business discounts. Their head of Codex has tweeted that 5.5 is "extremely efficient", implying that they aren't actually losing money on any of this.
3. DeepSeek and other Chinese labs have dropped token pricing to the floor, in some situations as much as 99%.
4. Anthropic releases the next generation of Opus, their most expensive public model, without changing its price. In the background, they hype up Mythos, an even more expensive model.
Anthropic has screwed up where they need to be making investments, and the cracks are starting to show. They've marginally underinvested in the Sonnet line of models for almost a year now, and they've critically underinvested in product. Anthropic made bets on the story of the second half of 2026 being: ultra-frontier, ultra-intelligence. In reality, what's shaping up is that the story will be: Companies rolling back AI spend, efficiency, "95% as good for 15% the price", sophisticated high quality harnesses, cheaper models. Anthropic isn't ready for this world.