This morning, after saying Anthropic might pursue a $2 trillion IPO, the entire AI industry chain cooled off, making the contrast somewhat stark
Anthropic’s CEO called for slowing the development of AI models. The point is not that AI should stop developing, but that companies should stop blindly piling on computing power, burning money, and expanding data centers, and instead leave some room for safety and return on investment
So the sectors hit first today were still memory, optical modules, and other areas most sensitive to AI capital expenditures, with $SK Hynix

‌, $MU

‌, $COHR

‌, $LITE

‌ and others posting relatively notable declines
I think what is really worth watching in this round is not whether AI is about to collapse, but that the market has begun cooling its AI valuations
Previously, AI focused on telling stories, growth, and the future; now it has to start talking about profits and cash flow

And precisely at this point, Anthropic was also rumored to be planning a listing at a $2 trillion valuation
Anthropic’s previous funding round valued the company at approximately $965 billion, while the IPO valuation now being discussed by the market is heading toward $2 trillion, meaning its valuation could nearly double again in a short period
So the market is actually facing two questions at the same time:
Is Anthropic really worth $2 trillion?
And if the pace of AI development really begins to slow, how should this $2 trillion valuation be determined?
These two questions conflict with each other
If AI continues expanding wildly, $2 trillion can be understood as the market pricing in growth over the next few years in advance
But if AI begins entering the stage of safety, regulation, and return on investment, the market will recalculate:
How much profit can all these GPUs, memory, data centers, and electricity ultimately generate?

On one side, AI giants are pushing toward super-high valuations; on the other, the industry chain has begun trading on a slowdown in AI
If the market can truly absorb this price, it means the AI valuation bubble can continue inflating
But if it cannot, it may not be just Anthropic that falls—the entire AI sector may have to recalculate the figures
#传Anthropic选择纳斯达克IPO #Gate广场中秋团圆局 .