As massive contracts and funding for AI infrastructure investment continue, the contractual obligations of rapidly growing Anthropic are fueling debate over the sustainability of the AI boom. Investment trends among major IT companies are also drawing attention.
As US-based Anthropic, which develops and provides conversational AI, prepares for an IPO, reports suggest its market capitalization could reach $1.5 trillion to $2 trillion. First-half revenue expanded year on year to $16.3 billion, but net loss was substantial at $80.7 billion, of which $72.4 billion is said to have resulted from non-cash accounting adjustments. Together with the fact that massive capital investments are locked into long-term contracts, these developments are raising questions about the pace of earnings growth and the sustainability of the business.
Specifically, Anthropic has contracts requiring it to invest at least $518 billion to secure computing capacity, approximately 80% of which is reportedly non-cancellable. Concerns that this could tighten the supply and demand balance for funding AI infrastructure are heightening market caution and have at times prompted selling in semiconductor stocks. Meanwhile, major IT companies are accelerating bond issuance, pushing up borrowing costs.