DeGods Founder Analyzes Anthropic's IPO Filing and AI Investment Risks

DeGods founder Frank posted on the X platform, pointing out that despite Anthropic's latest S-1 filing showing strong revenue growth, there are still challenges facing AI investments. He mentioned that the second quarter of 2026 will be a peak period for companies to purchase and consume AI tokens, while the market only began to pay attention to AI spending management in July. At the same time, the increasing homogeneity of AI models and the diminishing differences in model outputs may intensify competition and compress industry profit margins, a trend that has not yet fully manifested in the second quarter. Frank believes that there is currently a lack of evidence proving that AI can generate more profits for most companies, and Anthropic's large enterprise clients are also under pressure to improve profit margins, which may lead to cuts in spending related to Claude in the future. Additionally, large tech companies and AI labs have signed capital expenditure commitments through 2034, and these expectations may have already been factored into stock prices. In the future, companies raising funds by improving chip efficiency or issuing additional shares may put pressure on the valuations of related stocks. Frank emphasized that while he is optimistic about AI in the long term and may participate in Anthropic's IPO, the industry's winners have yet to be determined, and real investment opportunities may only emerge after the current market conditions end.

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