Can it quell ‘bubble’ talk? Anthropic IPO seen as a catalyst for reassessing the value of the AI industry

A new outlook suggests that Anthropic’s initial public offering (IPO) could prompt a reassessment of the value of the artificial intelligence (AI) industry.
In its November HANARO ETF Monthly Report, published on the 4th, NH-Amundi Asset Management said that as the yield on 10-year U.S. Treasuries climbed into the 5% range—its highest level since 2002—the market had begun evaluating AI companies based on their ability to generate cash.
However, because Big Tech earnings combine revenue from AI with revenue from existing businesses, making it difficult to gauge AI’s profitability on its own, the report said there was little choice but to focus on Anthropic’s IPO, as the company generates revenue solely from AI.
Anthropic is in the process of going public after releasing its registration statement last month. According to the filing, the company generated about $16.3 billion in revenue in the first half of this year, up about 14-fold from the same period a year earlier. The report said this indicated that the economics of AI models were improving as revenue grew faster than computing costs.
It identified enterprise agents and coding, as well as AI for Science—the use of AI in drug development, new-materials research and other scientific fields—as areas for future growth. The analysis said a virtuous cycle could take shape, with revenue from AI models leading to investment in computing infrastructure, and expanded infrastructure in turn boosting AI performance and demand.
However, a slowdown in Anthropic’s growth rate and the burden of its large-scale compute commitments were cited as factors to watch. Since not all companies in the sector are likely to benefit equally as the AI industry grows, the report advised selecting companies with real demand and profitability.
Kim Seung-cheol, head of the ETF Investment Division at NH-Amundi Asset Management, said, “Anthropic’s listing will be a milestone in broadening the horizons of AI investment, which has so far centered on semiconductors and cloud computing, as it will be the first frontier AI model company to list on the U.S. stock market.”
[email protected] Seo Min-ji Reporter