Anthropic's valuation has increased 22-fold since June 2024, according to Bloomberg ETF analyst Eric Balchunas, who based the estimate on market values reported by mutual funds holding the private artificial-intelligence company. The increase was roughly 10 times the gains recorded by the Nasdaq 100 Index and Nvidia over the same period. Fidelity currently has the largest exposure among fund managers, followed by Capital Group and BlackRock. Because Anthropic positions remain small relative to overall portfolios, the valuation increase has had only a limited effect on mutual-fund returns.