💸 Mythos and the mispricing of everything

The moment AI capability and AI danger became permanently inseparable

This post originally appeared in Exponential View.

A lot has been written about Claude Mythos Preview in the past few days, so I’ll spare you a recap. Anthropic’s blog post and Simon Willison’s overview are the places to start if you need to get up to speed. What I want to do in this essay is to focus on the part of this story that I think has been underweighted.

The most significant and immediate implication of Mythos is on how we price risk. Critical infrastructure is the asset class that is most exposed and is systemically mispriced. The US utilities sector alone has a $1.5 trillion market capitalization, priced at roughly 22x PE – with cyber risk treated as an incremental operational cost rather than a structural exposure. That frame no longer works in a world where an AI agent can autonomously construct working exploits overnight.