The company told attendees it generates $1.70 in revenue for every $1 spent on compute and outlined more than $500 billion in computing and infrastructure spending over the next decade. Rival AI labs distilling Claude outputs accounted for 5% to 7% of revenue, or more than $840 million in the third quarter, before Anthropic moved to curb the practice. Some prospective IPO investors now favor a valuation below $1.5 trillion rather than the $2 trillion floated by bankers, while Anthropic's pre-IPO perpetual contract on Liquid fell more than 10% over the past month to below $2 trillion.
The deceleration in quarterly growth weighed on AI hardware shares, extending a selloff in the Philadelphia Semiconductor Index to a seventh straight session—its longest losing streak since May 2025—and erasing more than $2 trillion in market value over that span. The index fell 3.6% on Thursday to its lowest level in nearly a month, with Intel down 5.9%, Marvell off 5.5%, AMD falling 5% and Nvidia down 3%.