What would it actually look like for the value of OpenAI or Anthropic to collapse in the nationalization scenario Karp describes?

According to Karp's logic it would happen in stages. First the business valuation collapses when you announce you are going to the government to hand over 50 percent of the company. Then it collapses again when government officials actually join the board because the alignment between commercial incentives and mission becomes impossible. Then it might collapse a third time across the broader market because these companies are so deeply embedded in the financial projections of hundreds of public companies that their failure becomes systemic. He is essentially describing a contagion scenario. I think that is deeply exaggerated, but if you take his premises at face value, that is the sequence.