#Anthropic启动纳斯达克IPO路演 For this IPO roadshow, I’m more inclined to see it as the starting point for a repricing. For now, though, it looks more like a cooling of lofty valuations than a completed revaluation.

Why call it the starting point for a repricing?
Valuation has been slashed: A few months ago, people were still talking about $2 trillion; now some investors have pushed it down to $1.1 trillion–$1.3 trillion.
The pricing logic is changing: The market is no longer looking only at revenue growth, but is starting to price in computing bills and earnings stability.
The IPO price has industry backing: Seven companies, including Nvidia and Microsoft, have pledged to invest $26 billion at the IPO price, showing that the industry still considers it acceptable. It will also continue to test market acceptance.
Growth is slowing: Third-quarter revenue was about $17 billion, up 47% quarter over quarter, below the 144% growth in the second quarter.
Operating profit has turned to a loss: The company posted an operating loss of $567 million in the third quarter, after turning a profit in the second quarter.
Computing expenses are heavy: Related commitments total about $895.4 billion, of which about $69.8 billion is due within a year.

So, if ANT can hold steady after listing, it would show that AI companies can withstand lower valuations; if it falls below its IPO price, that would mean the market is still waiting on the sidelines. What will determine which side it falls on is revenue growth and operating profit over the first few quarters after listing.#WCTCS9