CITIC Securities: Anthropic's IPO provides a key anchor for the AI industry; bullish on leading model vendors and opportunities in AI infrastructure and AI applications
CITIC Securities' research report states that Anthropic's IPO will provide a key anchor for the AI industry. Its prospectus, for the first time, discloses relatively complete details of a frontier model company's revenue structure, expense structure, and compute commitments: in 26Q2, the compute expense ratio fell to 48%, the adjusted operating margin was 19%, and total compute-related commitments are approximately $850 billion. CITIC Securities is bullish on leading model vendors with a SOTA capability premium, as well as investment opportunities in AI infrastructure and AI applications, and believes this can provide a pricing reference for the subsequent IPOs of frontier labs such as OpenAI.
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Southern Finance, October 28 (Reuters) — A CITIC Securities research report states that Anthropic's listing will provide a key anchor for the AI industry. Compared with the previously published in-depth report on Anthropic, the company's model capabilities have reached a new level, but market disagreements over the competitive landscape and the pace of commercialization have somewhat widened. The prospectus, for the first time, discloses relatively completely the revenue structure, expense structure, and compute commitments of a frontier model company: in 26Q2, the compute expense ratio fell to 48%, and the adjusted operating margin was 19%; under the disclosed basis, compute-related commitments total approximately $850 billion, verifying the possibility for leading model vendors to achieve scaled profitability under compute constraints, and it is expected to reduce market disagreements over AI input-output and provide a pricing reference for the subsequent listings of frontier labs such as OpenAI. We are bullish on investment opportunities in leading model vendors with a SOTA capability premium, as well as AI infrastructure and AI applications, and will subsequently focus on tracking commercialized product forms, the evolution of the competitive landscape among model vendors, the pace of fulfillment of compute commitments, and revenue and profit growth curves.
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