This article provides practical takeaways for valuing U.S. IP involving AI, machine learning, and LLMs. It is not a fulsome valuation methodology. It is a set of warnings; legal scope, technical substance, transferability, detectability, and enforcement can radically change the value of an AI-related IP asset. The gold rush for artificial intelligence (AI)-related intellectual property (IP) has made it difficult to separate genuinely valuable assets from expensive paperwork. Changing law, buried prior art, weak secrecy, poor drafting, and shifting market demand can make AI-related IP assets worth far less than they appear. The answer is not simply to count patent…