validator.w3.org considers the following valid HTML:
<!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.01//EN"
"http://www.w3.org/TR/html4/strict.dtd">
<html>
<head>
<title>Test</title>
</head>
<body>
<div>This <<<<<<<<<<<<<<<<<<<<<<b>is</b> a test.</div>
</body>
</html>
Is it really valid?
Yes, the tag would just be treated as additional text. It's not part of the HTML tag.
It'd just print
This <<<<<<<<<<<<<<<<<<<<<is a test.
Nothing wrong with that.