News linked to both this project and an event.
Frank, founder of DeGods and a well-known trader, posted on X that although Anthropic's latest S-1 prospectus shows strong revenue growth, this should not be taken as evidence that the headwinds facing AI investment have disappeared.Frank pointed out that Q2 2026 coincided with a peak period of enterprises massively purchasing and consuming AI tokens, and it was not until July that the market began to pay attention to AI spending management. At the same time, AI models are becoming increasingly homogenized, with differences between model outputs growing ever smaller, which could intensify competition and compress industry profit margins—a trend that had not yet fully manifested in the second quarter.In addition, he believes there is still a lack of clear evidence proving that AI can create more profits for most enterprises. Anthropic's large enterprise customers are likewise under pressure to improve their own profit margins and may proactively cut Claude-related spending in the future.Frank also said that major tech companies and AI labs have signed capital expenditure commitments extending through 2034, and these expectations may already be priced into stock valuations. Whether companies reduce costs by improving the efficiency of existing chips or raise additional capital expenditure funds by issuing more shares, both could put pressure on related stock valuations in the future.Frank concluded by emphasizing that he is bullish on AI over the long term and may participate heavily in Anthropic's IPO, but he believes the industry's ultimate winner has yet to be determined, and the real AI investment opportunity may not emerge until the current market cycle comes to an end.
Odaily reports: In its latest quarterly assessment, the Bank for International Settlements (BIS), known as the "central bank of central banks," issued a warning that alongside the rapid rise in leverage and the growing opacity of underlying debt structures, the financial vulnerabilities underpinning this round of exuberance are intensifying.This risk warning is not unfounded. In July of this year, the Situational Awareness fund, helmed by Leopold Aschenbrenner, staged a harrowing episode. The fund had placed heavy bets on the AI sector, but a sharp drop in the valuation of its underlying assets triggered a wave of margin calls from banks, ultimately forcing it to urgently transfer the core holdings of its public market equity portfolio to Ken Griffin's Citadel in order to barely survive the liquidity crisis.In the BIS's view, this incident is a typical microcosm of leveraged hedge funds becoming deeply entangled in core markets. Frank Smets, Head of Economic Analysis and Statistics at the BIS, pointed out that cross-market leverage is concerning, as it can easily amplify normal market fluctuations into severe systemic shocks. The near-miss of AI-themed hedge funds has once again laid this risk bare.