FT

NotMe357

"BREAKING: Anthropic could get a junk credit rating despite its planned mega-IPO, per FT Blackstone has warned investors that Anthropic may receive a below-investment-grade credit rating after its IPO, reversing earlier expectations."

Background-Way9698

Here you go, bud Anthropic may not secure investment-grade rating after IPO, Blackstone tells investors - https://giftarticle.ft.com/giftarticle/actions/redeem/3f1eec5a-1f28-4adb-a6db-714036ee865a via @FT

gphie

\> “Blackstone told investors Anthropic may not receive an investment-grade rating immediately after going public, a reversal from its previous guidance that would complicate the AI lab’s ability to finance its massive spending.” \> “Anthropic filed to go public on Monday, setting up what could be the largest listing of all time next month.” \> “An investment-grade credit rating is central to those ambitions, enabling Anthropic to borrow at lower rates to finance its AI infrastructure projects.” \> “The group has cash and equivalents of more than $112bn, and investors anticipate it could raise about $100bn more in the IPO.” \> “Such a designation would limit the pool of capital that Anthropic could tap because many insurance and pension funds are restricted from taking large positions in junk-rated borrowers.” \> “More than $42bn of the senior loans is guaranteed by Broadcom, which co-develops the chips and has an investment-grade rating, while $18bn of the junior debt is backed by the AI start-up’s lease payments.” \> “Blackstone’s funds invested in $9bn of the junior debt at a lucrative yield of more than 10 per cent, the FT previously reported.” \> “The big three credit agencies — Fitch, Moody’s and S&P — which have bigger influence on companies’ borrowing costs, have not officially issued any credit ratings for Anthropic.”

bzl33

> *ANTHROPIC EXPECTED TO RECEIVE A “HIGH” JUNK RATING: FT well it might actually be over

Force_Hammer

Per the article: Please use the sharing tools found via the share button at the top or side of articles. Copying articles to share with others is a breach of FT.com T&Cs and Copyright Policy. Email licensing@ft.com to buy additional rights. Subscribers may share up to 10 or 20 articles per month using the gift article service. More information can be found at https://help.ft.com/faq/gifting-and-sharing-an-article/what-is-a-gift-article/. https://www.ft.com/content/59383c7f-8d82-493f-bf01-d2e862a1018f?syn-25a6b1a6=1 "Blackstone told investors Anthropic may not receive an investment-grade rating immediately after going public, a reversal from its previous guidance that would complicate the AI lab’s ability to finance its massive spending. The private capital giant told investors in Anthropic’s latest $63bn chip financing deal that the start-up is expected to receive a “high” junk rating from major credit rating agencies after its initial public offering, according to people familiar with the matter."

Jensen-Hung

Anthropic may not secure investment grade rating after IPO - FT :vanish: :vanish:

Peeeeech

“Anthropic may not secure investment-grade rating after IPO, Blackstone tells investors - FT” Jacked to the tits

Aegeansunset12

In Glyfada, Atlantia, a two-level, three-bedroom 276 sq m penthouse with private pool, shared wellness areas and concierge services, is on sale with Sotheby’s for €3.4mn. In Vouliagmeni, the Chrysalis is a 500 sq m house very close to the sea, with butterfly-inspired architecture, glass walls, landscaped gardens, private pool, rooftop Jacuzzi, gym and cinema, on sale with Engel & Völkers for €6.75mn. “The demand is: we want 150 to 200 square metres, a minimum of three bedrooms and a sea view,” says Ioannou. Most of his international clients are cash buyers, he says, and many prefer new-build apartments to traditional villas. They are also willing to buy off-plan. He is currently working with three British buyers with budgets of around €2.5mn each, who wanted to complete purchases by the end of October amid concerns about their UK tax liabilities. Billiri is seeing a similar shift. “They come from London,” she says of some of her latest clients, many “to establish their companies here”. But not all regard Greece as a permanent home. “They have the feeling that it will not be for very long or that they will return to London,” she says. Some are buying with a roughly five-year horizon, retaining the option of returning to Britain if circumstances change. Ioannou says interest is also coming from Australia and the Middle East, where geopolitical instability has given some wealthy buyers another reason to establish a home elsewhere. “They want a second and third option,” he says. Looming over the Riviera’s transformation is The Ellinikon, the redevelopment of Athens’ former airport into a vast new coastal district with homes, hotels, shops, leisure facilities and a large park. At its centre is a new beachfront residential skyscraper. “It will be a mini-Dubai,” Ioannou says. “It will take 10 years to finish.” Some 850-900 of the 1,300 residential units have sold, according to Alex Moulas, chief commercial officer. Greek buyers account for 55 per cent, with the Greek diaspora making up another 20-25 per cent. International buyers, who accounted for around 20 per cent of sales in the project’s early years, have represented as much as 40 per cent since 2023. Americans lead, followed by Britons, Germans and Swiss. Roughly a third intend to make Ellinikon their primary residence, says Moulas, another third will use it as a holiday home and the remainder are buying as an investment. Inspired Education, which operates 127 schools across six continents, is building a school there, scheduled to open in September 2028. “When we won the project, we expected it to be mostly Greek families,” says chief executive Nadim Nsouli. “But today we’re seeing a growth of international families.” He now expects Greek pupils to account for 60-70 per cent of enrolment. House & Home Unlocked Don’t miss our weekly newsletter, an inspiring, informative edit of the news and trends in global property, interiors, architecture and gardens. Sign up here. But waiting years for the entire Ellinikon development to be completed makes little sense for those looking to relocate now, Ioannou says. Instead, they are buying nearby: “Glyfada, Voula, Kavouri.” The paradox is that some of the qualities drawing wealthy foreigners to southern Athens — its low-rise neighbourhoods, gardens, proximity to the sea and a sense that it remains less manicured than rival Mediterranean resorts — are being altered by the demand for new apartments. For Greece, the principal challenge, however, is not simply attracting wealthy residents but persuading them to stay. “How stable are these tax regimes?” is among the first questions prospective clients ask private wealth manager Filippou. She says the incentives enjoy broad political support, despite Greece’s history of frequent changes to its tax rules. But tax breaks alone will not be enough. “It is early days,” Filippou says of efforts to create an international financial services industry. International families need the homes, offices, schools and services they are accustomed to elsewhere. “That is what we are missing — more good real estate for offices and homes and more foreign schools,” she says. “The first thing you do is see if there’s a good school before you decide to move,” says Nsouli. He points to Monaco, where some families decided against relocating because international school places were unavailable. For the family who moved from Germany, the tax benefits were a welcome bonus rather than the deciding factor. “It’s of course a nice benefit, but I’m fairly certain we would still have chosen Athens over, let’s say, Barcelona,” the mother says. Settling in has not been without difficulties. Although delighted with her children’s school and the accessibility of local doctors, she has found Greek bureaucracy difficult to navigate without professional help. And despite enjoying life on the Riviera, with family still in Germany and the language proving difficult to master, she does not envisage staying indefinitely. “It’s probably more a three to five-year experiment than a permanent move,” she says. For Glyfada resident Papadopoulou, meanwhile, the changes to the Riviera are more permanent. The villas she photographs are disappearing, taking with them a way of life that once defined the neighbourhood. “All these stories I heard from my parents, about whose summer house was whose — how they lived — they are demolished in an instant.” Eleni Varvitsioti is the FT’s Greece and Cyprus correspondent

Aegeansunset12

The super-rich are moving to Athens — what does that mean for everyone else? The super-rich are moving to Athens — what does that mean for everyone else? September’s news that billionaire hedge fund manager Chris Rokos was swapping London for Athens, where he plans to establish an office, ruffled some feathers. Not least in the UK, where he is one of the country’s biggest taxpayers, reportedly paying £330mn last year. Greece has spent years trying to persuade wealthy foreigners to bring their money to the country. Now it wants them to bring their businesses and families too. And the policies are making their mark on the prime property market. Since 2020, Greece has introduced a series of tax incentives aimed at attracting new residents. Its non-dom regime offers qualifying new residents (who must, among a number of things, invest at least €500,000 in real estate, business, securities or shares in legal entities) a €100,000 annual flat tax on foreign-sourced income. Qualifying foreign retirees have a flat 7 per cent tax on foreign-sourced income for up to 15 years. Eligible workers and entrepreneurs relocating to Greece receive a 50 per cent exemption on Greek-source employment or business income. The measures are designed to help reverse the brain drain that accompanied the country’s financial crisis, when close to one million people left Greece over the course of a decade, attract internationally mobile professionals and encourage foreign businesses to establish operations in the country. At Greece Sotheby’s International Realty, buyers benefiting from the country’s non-dom regime accounted for nearly a third of the agency’s transaction volumes in 2025, up from virtually none before 2024, according to its president and chief executive Savvas Savvaidis. More than half of those transactions involved UK passport holders. This summer, the Greek government went further, cutting the tax rate on carried interest for qualifying investment managers relocating to Greece from 15 per cent to 5 per cent. The tax break requires the fund’s Greek operation to spend at least €3mn a year in the country, ensuring a genuine rather than nominal presence. The government says its ambition is broader than attracting a handful of wealthy individuals to buy holiday homes. It hopes that the first wave of wealthy arrivals will draw a wider community of professionals and their families. “It is not 10 people who spend a lot of money,” says Vassilis Karatzas, an adviser to the finance minister. “Their potential is that \[they help\] set up an ecosystem and a business environment that did not exist in the country.” Elina Filippou, head of private wealth at Greek law firm Zepos & Yannopoulos, which specialises in advising businesses and individuals relocating to Greece, says her team has grown from eight to almost 20 since 2020. Her firm has handled about a quarter of relocation applications under the tax incentive regimes, she says. Since the non-dom scheme was introduced, it has attracted roughly 500 applications, about half from outside Europe, according to data from the Greek finance ministry. Nearly 1,500 retirees and about 10,000 executives, employees, freelancers and entrepreneurs have applied under other incentives. It’s “a constant flow of people”, says Chryssa Miliou, general secretary for tax policy at the Greek finance ministry. And those people need somewhere to live. The challenge is persuading them to put down roots rather than merely establish a tax residence. One place where that ambition is already being tested is the Athens Riviera, where the low-rise villas and gardens of Glyfada, Voula and Vouliagmeni are increasingly giving way to luxury apartment buildings with sea views, swimming pools and round-the-clock security. “I have been living in Voula for 30 years,” says Paulina Billiri, an estate agent with 26 years’ experience. “The gardens, the low houses — the urban landscape is changing very quickly. One apartment block is taller than the other.” For Eleni Papadopoulou, who was born and raised in Glyfada, where both her father and grandfather built family homes, the transformation has become a race against time. Through her Instagram account, @Vintage.Glyfada, and other documentation, she has amassed nearly 700 photographs of the neighbourhood’s disappearing villas, with their distinctive red stonework, handmade iron gates and gardens filled with lemon and orange trees. “There were days when I would see two houses and the next day they were gone,” she says. The old homes, often built as summer retreats, were open to the street and reflected the personalities of their owners, she recalls. By contrast, she finds the new apartment buildings increasingly uniform and inward-looking. For her, what is disappearing is not just the architecture but the memories and way of life associated with it. Billiri dates the beginning of the transformation to the middle of the last decade, when Greece was emerging from its sovereign debt crisis and its golden visa programme, introduced in 2013, brought a first wave of foreign property investors. “In 2015, there was nothing,” she says of new developments. “It was deep crisis.” Greek apartment prices fell by more than 40 per cent between 2008 and 2017, as the debt crisis crushed incomes, employment and mortgage lending. Since their 2017 trough, prices have risen about 85 per cent, surpassing their 2008 peak by 7 per cent in 2025, with prices continuing to rise by 5.5 per cent year on year in the second quarter of 2026, according to preliminary Bank of Greece data. Early buyers included investors from China and the Middle East. Initially offering residency in exchange for a property investment of €250,000, the golden visa scheme raised the threshold to €500,000 in sought-after areas in 2023, before increasing it to €800,000 in 2024. Chinese nationals held 12,700 investor residence permits as of August 2026, or nearly half the total, according to government data. Agents say another kind of international buyer is arriving: one more likely to be looking for a primary or semi-permanent home and, in some cases, bringing a business with them. The appeal is partly financial. Despite the rise in prices, agents argue that coastal Athens remains relatively inexpensive compared with rival Mediterranean markets. “Right now, Greece — particularly its coastal areas — offers the most attractively priced square metre on the European Riviera,” says George Ioannou, private office adviser at Engel & Völkers. Oliver Banks, international residential development partner at Knight Frank, agrees. Values across the Athens Riviera vary between €6,000 and €10,000 per sq m — broadly below Barcelona (€10,000 per sq m), Lisbon (€11,000), Rome (€13,200), Madrid (€15,300) and substantially below Paris (€23,200), prime central London (€26,000) and Monaco (€54,000). “Prime waterfront locations, sea views, privacy and turnkey condition are the key drivers,” he says. But Sotheby’s Savvaidis argues that price is only part of the attraction. Athens, he argues, combines something unusual: a European capital with a long urban coastline, some 40km. “The common denominator is that they feel Greece is not an artificial paradise,” he says. “If they wanted the lights of Monte Carlo, they would go to Monte Carlo.” For one family who moved from Berlin to the Athens Riviera a year ago under Greece’s non-dom tax regime, the attraction was less about taxes than the prospect of a different life. The couple, who have two young children and asked not to be named, wanted to live by the sea while retaining the amenities of a major city, international schools and easy connections to Germany. “We wanted to experience life in the Mediterranean,” says the mother. “Now is a good time because our kids are still small.” The family chose to rent rather than buy, uncertain about which neighbourhood would suit them and also how long they would stay. The couple estimate that their living costs are about 20 per cent higher than in Germany, largely because of rent, electricity, international schooling and the need for a car. “That’s something that takes a little bit of getting used to here, that you have to use the car a lot.” Yet the trade-off has been worthwhile. “The quality of life is definitely higher,” she says, describing weekends exploring nearby islands and more time outdoors as a family. But the supply of the kind of homes these buyers want remains limited. “We are a very small real estate market,” Savvaidis says. “Obviously there is room for improvement. But that will only happen through large developments.” More than 4,000 residential properties have changed hands in Glyfada, Voula, Vouliagmeni and Vari since 2017, according to an FT analysis of Greek government transaction records. About 1,200 of those sales took place between January 2024 and September 2026. The shortage of newly built homes is partly a legacy of Greece’s decade-long financial crisis. “For 10 years in Greece and more, not a brick was laid,” Savvaidis says. That limited supply is now colliding with international demand, particularly for properties with sea views and the security and amenities wealthy buyers have come to expect elsewhere. At Apollo Hills, a new gated community in Voula, a three to four-bedroom, 200-250 sq metre apartment costs around €2.5mn, according to Savvaidis. Billiri says the change in the property market has accelerated dramatically since 2022. Sales volumes at her agency have increased by 50 per cent, she says, while prices at the top end have climbed sharply; €10,000 per sq m “has died” as a benchmark for premium penthouses, she says. New developments can fetch €15,000-€20,000 per sq m, while homes in some of the most exclusive projects can reach around €30,000 per sq m.

sck178

Uhhh if I had to guess, Amazon because of their ability to eventually automate their warehouses and maybe Toyota. I heard recently (I think just a few days ago) that according to the FT Toyota has been doing a lot research and development with robotics but I can't quite remember to what end right now

VeridionMarkets

Why dilution can be green: the bad news was already priced. The FT reported in June that Meta was weighing "tens of billions" in new stock, and META fell 6.6% that day. Today is the confirmation, not the surprise. The structure softens it too: \- $22.5B of common is sold forward. Meta gets the cash, and the new shares hit the count, only when the forward sale settles, not today. \- About $12.5B is mandatory convertible preferred, so that dilution lands later as well. The real tell is the sequence. Alphabet raised $84.75B of equity in June. Amazon sold $25B of bonds in July. Meta just posted negative free cash flow (about -$2.1B) and now needs $35B, plus a $60B at-the-market program starting in 2027. That's about 6% of a \~$1.6T company all-in. When the biggest cash machines on earth start selling stock to fund capex, the AI trade has moved from "can they afford it" to "who pays for it." Today the answer is shareholders.

West-Structure-4030

For news, Reuters/FT/WSJ like others said. I'd separate news from research though. The headline tells you something happened, but you still need the numbers to know if it matters. For the numbers side I use [usstocksense.com](https://usstocksense.com) (disclosure, I'm building it). It covers US stocks with a screener, fundamentals/valuation comparison and charts. Re: Seeking Alpha, the free articles are hit or miss, so read the author's position disclosure first.

ConsciousPressure931

US Is Prepared For Long Stand-off With Iran, Says Trump Envoy – FT This will never end

Aerodye

Dropped as in reduced, sorry - it’s on the FT, reduced to 1.25T

Olangotang

Demand is "collapsing" for Frontier because Open Source alternatives are cheaper, and smaller models don't need data centers, which can do 90% of what Frontier can do. So it's not collapsing for AI as a whole, but for the fake *moat* they built up to starve the competition of the smaller labs. But as for Enterprise where OAI and ANTH *need* to sell to in order to stop burning money as fast, the cheaper competition will bury them. And before I get "UMM ACTULLY OS CANT COMPETE," here's an FT article for the Frontier shills to cope and choke about. https://archive.ph/Ckx3o

Olangotang

Nope, you're wrong https://archive.ph/Ckx3o FT article. At&t among others are using Chinese models.

victorrrrrr

Based on [FT q3 reporting](https://www.ft.com/content/11632d03-358c-454b-af95-d06d4072932b?syn-25a6b1a6=1) and leaked [S-1](https://www.wsj.com/tech/ai/anthropic-revenue-growth-ipo-accaf0f1) we got anthropic Q1->Q2 revenue growth at 140% but Q2->Q3 is \~45%.

First_Bluejay_4533

The point is that your talking about replacing 50 million people with a dysfunctional chat-bot, and that the money will flow into one company, not 1.000 different ones... You are thinking 1 - 1 - 1... First, american ai will not be used in asia & europe, and models like openai will not be used for goverment operations outside of US, for the very same reason we will make our own starlink system, and us military does not rent its satellites from china.. Second, the amount of companies and compute, margins will go down to a normal 4-6% yield, market dictates it. What is the ai displacement now? -1.9%..? You are talking 10%... so 3% each year starting from 2027? If im not reading in FT this spring that there is a total it-work apocalypse, im going to be dissapointed with you u/obb223

likamuka

SAUDI ARABIA TO POSTPONE IN-PERSON ‘DAVOS IN THE DESERT’ EVENT AFTER HOUTHI ATTACKS - FT Should have better stayed in Davos stupid fucks

SeriesNo9081

JUST IN: "only about 35% of the planned US project pipeline was credible." --FT

No-Permission7847

SP500FT is good

Critical-County1152

The part that keeps getting lost is that the 50B vs 70B gap is partly a definitions thing. Per TechCrunch's writeup of the FT story, Anthropic counts sales through its cloud partners and OpenAI doesn't, so the two run rates were never apples to apples. What I can't figure out is how much of the 20B gap that actually explains. Nobody has broken it out, and that's the number I'd want before calling the selloff overdone.

Wonderful-Sail-1126

FT literally found something that was known since early this year, and used it to sell an OpenAI hit piece. Got all the bears all riled up though.

prana_fish

Yeah. Zoom out for the past week lmao. Semis selling started using that retarded FT article as cover about OpenAI $70B --> $50B revenue and people ignored the selling precisely because it was so retarded. Then you have Anthropic ARR miss on insane expectations which contributed, then culminating into $CRWV bonds blowing up due to macro.

ThrowawayAl2018

So he is saying that the financial news company FT and Bloomberg reported false news? Trading in stock market is already gambling, so which part of gambling does he needs explanation? I am gambling some money in hopes that AI won't burst but the curse of Buy High Sell Low follows the tech stocks lately.

Wonderful-Sail-1126

And what do you call FT and Bloomberg who are blatantly reporting false information?

jcpopm

FT really going out of its way the past few weeks to push this narrative huh?

Wowmuchrya

Anthropic and OpenAi did not choose to let anything out. Anthropic has no choice but to reveal details privately as it prepares for IPO next month in order to decide valuation with investors and banks. The people leaking the information to Reuters and FT are most likely concerned with the collateral damage to the economy as well as their own investments. Nothing suspicious at all, just self preservation. This was always going to happen the closer we got to mid November. You have a company losing 40 billion dollars a year trying to claim a valuation of 1.5-2t. Hold through the next weeks if you want, but if Anthropic fails to IPO or only gets a 1t valuation the market will drop much more.

Wowmuchrya

Some stocks were dropping earlier, the majority of stocks were not. After anthropics investor day all ai stocks including things like dell, arista, and palantir (all which were going up the previous week) started plummeting. Also just realize that the week before OpenAi caused the market to temporarily drop and then recover from FT dropping an article that they were 20b behind projected annual revenue.

Ok_Cry7572

13 hrs ago Anthropic offers Blackstone a yield of over 10% to finance its latest $60 Billion AI chip deal, per FT. Blackstone funds would invest $9 billion in junior debt backed by Anthropic's five-year lease payments for Google's custom AI chips. 10% is well above the market rate while a borrower with a similar credit profile pays around 7% in the public bond market. It's also higher than four months ago, when Anthropic sold $4.4 billion of similar debt at 8.5%.

chaos_capybara

Reminds me of this meme that [Deutsche Bank sent to clients](https://www.ft.com/content/4b39c2d8-56d0-439f-9eb5-0b16b31bd301) which got published by FT… https://preview.redd.it/uo735evktwvh1.jpeg?width=1288&format=pjpg&auto=webp&s=f26334694913c1fa56d033cc5eeff0b16ff02672

Sufficient_Habit5091

>Anthropic secured a credit rating one notch below investment grade from Kroll Bond Rating Agency earlier this year, marking a strong grade for the AI start-up >The Claude maker received an issuer rating of double B plus from KBRA in June, the highest speculative-grade score, in the run-up to securing a $35bn chip financing led by Apollo, according to documents seen by the FT. >The rating action, which has not previously been reported, shows Anthropic is close to achieving the investment-grade status that would allow the start-up to lower its borrowing costs and tap a wider pool of institutional investors including life insurance companies and pension funds. >KBRA is a smaller rating agency compared with Moody's, S&P and Fitch, which will ultimately determine Anthropic's post-IPO credit status. >KBRA's rating came despite Anthropic's limited financial disclosures. The report was based on select financial information Anthropic provided, including revenue, adjusted operating income and annualised run-rate revenue in the first quarter of 2026, as well as an internal forecast for second-quarter results, according to the documents. >However, Anthropic's disclosure to KBRA excluded several important financial metrics, including free cash flow and earnings before interest, taxes, depreciation and amortisation. Credit rating analysts had to come up with their own estimates based on assumptions, the documents show. One more notch up and investment grade bond ETFs, state worker pension funds, etc. will start buying.

Sufficient_Habit5091

>Anthropic secured a credit rating one notch below investment grade from Kroll Bond Rating Agency earlier this year, marking a strong grade for the AI start-up >The Claude maker received an issuer rating of double B plus from KBRA in June, the highest speculative-grade score, in the run-up to securing a $35bn chip financing led by Apollo, according to documents seen by the FT. >The rating action, which has not previously been reported, shows Anthropic is close to achieving the investment-grade status that would allow the start-up to lower its borrowing costs and tap a wider pool of institutional investors including life insurance companies and pension funds. >KBRA is a smaller rating agency compared with Moody's, S&P and Fitch, which will ultimately determine Anthropic's post-IPO credit status. >KBRA's rating came despite Anthropic's limited financial disclosures. The report was based on select financial information Anthropic provided, including revenue, adjusted operating income and annualised run-rate revenue in the first quarter of 2026, as well as an internal forecast for second-quarter results, according to the documents. >However, Anthropic's disclosure to KBRA excluded several important financial metrics, including free cash flow and earnings before interest, taxes, depreciation and amortisation. Credit rating analysts had to come up with their own estimates based on assumptions, the documents show.

Vlisa

Bloomberg/FT/etc. just need to release a bunch of FOMO articles rn about how this is a huge buying opportunity for retail and that the market looks only green from here! :pointlaugh:

RollingMeteors

Peak Gaps vs. Trough Gaps |**Cycle Step**|**Peak-to-Peak Gap**|**Matching Trough-to-Trough Gap**|**Trough Year Shift**| |:-|:-|:-|:-| |**Step 1**|**1881 to 1929:** 48 years|**1884 to 1932:** **48 years**|1884 Bottom → 1932 Bottom| |**Step 2**|**1929 to 1972:** 43 years|**1932 to 1974:** **42 years**|1932 Bottom → 1974 Bottom| |**Step 3**|**1972 to 1988:** 16 years|**1974 to 1987:** **13 years**|1974 Bottom → 1987 Bottom| |**Step 4**|**1988 to 2000:** 12 years|**1987 to 2002:** **15 years**|1987 Bottom → 2002 Bottom| |**Step 5**|**2000 to 2026:** 26 years|**2002 to TBD:** **Active Cycle**|2002 Bottom → Future Bottom| 1. Extreme Valuation Metrics (Shiller CAPE) * The S&P 500 Shiller CAPE ratio sits at **40.82**, which is 24.9% higher than its long-term baseline. * Historically, a Shiller CAPE reading above 40 has happened only once before: during the peak of the late-1999 Dot-com bubble. \[[1](https://www.google.com/goto?url=CAESpgEB6zswFWInVzWghTsY-lR6p1Zz8HTHZa_oQWLDV-XH4VWWoSUeOHhEOu-0qKjOjNPRvXE6-XyiYv3ytpzmp1E2-2jpD6mtbLiTERhHA8rFdwzIQwB7YW41Avu-CjFaL-pTt1W7cLsyzsWIyppfFoaj6Qg8Mswhv0GmjPOSpsjHA-dR890wwH_zpt_8VhSrovVv0Pim8fL0CmXhCMc2e4ekmIJZBbBm), [2](https://www.google.com/goto?url=CAESggEB6zswFc-Bl1BtVQZNzytR-QbIf1IlN4GRTcaJCmU2QVwT7QsVpCUxzi3gmYgMUUJUpdv2VjWhe2gQ6XJZHH9cbXMaG-2oEr6eebUsAUhcrFt2MLeiWsLrxpQZcM9_R8hHUBo346VeHXlOwQxHSjt5_7BI75Rgp0gjtZsjoui-RNkF)\] 2. The Tech Concentration Risk * The current 23.5-year expansion is heavily dependent on technical infrastructure and artificial intelligence spending. * Rising inflation figures (PPI jumping 3.6% year-over-year) and recent credit repricing for over-leveraged AI data center operators indicate the core engine of this bull run is beginning to show structural cracks.\[[1](https://www.google.com/goto?url=CAESfQHrOzAVbajgZtNYFnFO0ppw1NxPcFmONs-rvncwg-sq8xnAWYk4tHEqITf-xATkaiXtS2xBoo1ObqLssMCRAwBzqta2gEsFHkjCDOYUgIULMwAxyn5in4nyvG7qt2HVkgL0gd9eh68rQN-YZxJJog_gWP3UMRYIOoq9DIDU), [2](https://www.google.com/goto?url=CAESlwEB6zswFVTCnE0IWHnsmZWaZGFrnbLvNEY02w0lDbcwYPJGnOOl2TwHTO5vhowfhwVKkau5Asxk8CImf1K9vZsz2Zkg37Tzjda7NOVY5HYfrtmCaHlrTLTWmov6usZFrTUNn1pd6wpiJH7hAJGOr9foQyRIov7ZAbIeNk3QwkJyMDXgzRDUIqa0Q8UeQ05eClV6bQOZUgt1), [3](https://www.google.com/goto?url=CAESsgEB6zswFdU7IabvImDFXurN57jzQQw7Ay4fcBNZXWZxA8U-eAp5iDGK4_D9Q6cmqeHkm9GOZGdHgG3Rh7OwQalBD-hLFeCfaxB4I_eGUONWnQgiEItX1iKQTuqhvUi0Mjt6vrAAcR3mpDwGeNuO5-FBra510hgW5OD8gy2iocJlCO_n2GycoLzuteGR4BPUVjdoF8GLncKumCgXL2trVu4u68H8dGwvg-HQia6_D1iLMvSn)\] 3. Projections for the Next Downward Turn Based on historical cyclical speeds and current pricing models, the next market down-cycle will likely display the following patterns: * **Timing Window:** Market consensus points toward a highly volatile late-2026 or early-2027 window as macro friction peaks. Institutional forecasts cluster their 2026 year-end targets around 8,000, leaving very little upside padding if macro shocks arrive. \[[1](https://www.google.com/goto?url=CAESngEB6zswFaVOcGwhKh1hXfOVaW1HwkgPd-0Ix80lSQfKUe0ek7joXXpsG0hz9JPtCzFeGqftBsQCjEC7gMS-5EVlgZJBRUYjNAdPMdmHVZBTLcsbnf4JTup_z21ekCStOfakkSJOLsMzay5lyW_qq8LbQERe3vRqMl6LvLAAi__rtyjiZ562__msR-GJ5LWVXAdcrmMUfSXlitiHNEbYiA), [2](https://www.google.com/goto?url=CAESpAEB6zswFbd_A4ezzFKRP-qqXFIPnmp_CIYcC8rKCOa-FT4mz5hVhiRLGSLw5S_-borkqfn9eBuXqUgfcykDVHEXa52fdY8LOfIfiLg32KjM24OklY5wKPwB3H4UM79VaN8TxDPKgQgwCoaiwWNmcplIWeQTe3CVslFeDeP42PliPTeD2a2rQtXonNFzW-hGCKmt2Wor086P9tWA_ahkKj0vWsoefw)\] * **Potential Downside Target:** If a standard reversion to the mean happens, defensive structural models show a realistic recessionary bear case targeting **4,800 on the S&P 500**. This implies an approximate **35% to 40% contraction** from recent extensions, matching the standard structural drawdowns seen in 1974 and 2002. \[[1](https://www.google.com/goto?url=CAESkwEB6zswFXMgGL_s6XJUfZ6UceVMXSyVjVBLS33dSeQqgE3Vopc-F2E4S6BPo3UN-oQ6ujoA5xZkVzitKJXP2UZy33ZqwVBTKafoXKlQNuLA0Yq7v27vLZCzwoDahGgovxjB0fI58sqDtPkytKfMyZnfxI4QepOd4vkcSNTgQF73lrAfegEXKjGXzyj0viBUjZRC6qw)\]

ThanklessWaterHeater

It is worth paying for business journalism: WSJ, Barron’s, FT, Bloomberg, Nikkei, etc.(not all of them, but any two or three will do). The information they provide will make you a much more profitable investor than if you rely on free, algorithmic sources.

maffoobristol

I am now 13295 out of 13622 portfolios in the FT stock picking game. I managed to reaaaaaaaally fuck up lol

DrCola12

Yes because these numbers were originally relayed to select investors, who then relayed it to the FT. It’s still accurate

tragedy_strikes

FT: "Journalism? What's that?"

crankthehandle

I mean, the issue with this FT article was rather that they pulled the 70bn estimated revenue run rate out of their ass. Every other analyst had OpenAI's run rate at around 50bn and there never has been a 20bn 'gap'

Electrical_Tale_6668

"Anthropic declined to comment." . FT provides nothing of substance to backup these claims.

Electrical_Tale_6668

Whats the point of this article? FT doesnt provide any proof to backup these claims, they just state what bunch of insiders are telling them.

cryptohorn

The FT has it on their page. It might be the right number tho.

CMTTrader

\*ANTHROPIC REVENUE JUMPS TO $16.8B IN THIRD QUARTER BEFORE IPO - FT The Claude developer told investors it was profitable on an adjusted basis and cash flow positive during the quarter, despite the significant costs associated with AI infrastructure. The update came during investor presentations in San Francisco as Anthropic prepares for a potential November listing. The company also outlined plans to spend more than $500B on computing and infrastructure over the next decade, while its preliminary IPO filing highlighted risks associated with unpredictable AI model behavior.

theineffablebob

"ANTHROPIC REVENUE JUMPS TO $16.8BN IN Q3 - FT" chat is this good

cryptohorn

The FT made a post on wsb :kek:

goldenlamp

FT posting in WSB, I’ve seen it all

Happy-Champion1661

FT posting on wsb is crazy LMAO

LimitlessMentally

Why is the FT posting on WSB?

financialtimes

My colleagues Akila Quinio and Josh Franklin broke the news that the US Treasury has fined Bank of America more than $1bn for money laundering and sanctions violations, concluding it failed to properly report more than $5bn in suspicious transactions. The action covers penalties for inadequately alerting transactions linked to potential Chinese money laundering networks and illicit finance around the southern US border. The penalty totals $1.2bn from the Financial Crimes Enforcement Network, a branch of the Treasury, which includes a $750mn civil penalty from the Office of the Comptroller of the Currency, one of the top US bank regulators. This is the largest such fine in the OCC’s history. The Office of Foreign Assets Control also announced an $11.6mn settlement with BofA over 'apparent violations of numerous sanctions programmes including on Iran, Russia, narcotics and global terrorism'. Regulators have placed BofA under a consent order that notably requires the bank to work with a third party to identify and report undetected suspicious transactions. [Read the full story here.](https://www.ft.com/content/c08dd4a1-74a4-49f2-90f7-0857c6e87868?segmentid=c50c86e4-586b-23ea-1ac1-7601c9c2476f) Victoria - FT social team

maffoobristol

I'm playing the FT's stock picking game (alongside my actual portfolio) and am currently "rank 12758 out of 13346 portfolios" which is perhaps a bad sign for my personal finances...

Infamous_Ad3866

Why did semi sell off Thursday Friday and Monday ? Was it only the FT fake report or something else I missed?

lost_lexa

FT scared the shit out of the market

_DuranDuran_

Yes - FT fucked up.

wolfhound115

FT article played you hard. OAI did not miss expectations, but anyone who didn’t dig deeper got flushed out.

Routine-Agent-160

Did you see diesel futures after the news? They’re much more smarter than you. Crashed 5% and they exactly know the kind of leverage we have. This is how you win against Iran (China). Yield will crash to under 4% and oil will crash to sub 60$ in a matter of months. About the Belarus one, unless you watch fake news, FT reporting 30k tons of potash shipment is fake news to you? The shipment is literally arriving next week. It’s a massive deal.

mayorolivia

I’m still down 2% from the BS FT story they retracted.

Me-Regarded

Open AI positive earnings confirmation... Reversing fake FT report yesterday of the opposite

Nemo-pluribus-unum

Turns out the FT is just the print version of reddit. Lol

TalVal_Research

the FT piece didn't have it, that part came from CNBC and CNN's follow-ups citing someone familiar with the documents. should've said where it came from

Ambitious_Snow840

i would too. FT doesn't know financial statement standards

Flimsy_Outside_5508

Scam altman called FT yesterday and they caved…

mayorolivia

FT story was fake and gay

Existing_Calendar850

Old news. It's been corrected already. FT article that made false claims based on a misunderstanding of how revenue is accounted for.

PaperHandsTheDip

SOXL shares, they're volatile as options without the decay. People hopped on it because of the FT fiasco

gigglychaddy

Trump not attacking Iran before midterm announcement > retail pile in on calls and long > Financial Times fake news > massive dump and retail liquidation > FT: We had a misrepresentation > Overnight pump You can’t make this up

gigglychaddy

So what FT did was like saying that a company fell short of EBITDA expectations that someone made up based on the reported EBIT right? This gross vs net revenue thing.

Saltysunbro

FT is sus like Citadel. What do you mean you crashed the AI market only to revise it with an "oops".

Volky_Bolky

Where? Show me where it is corrected in FT article. Or did you get tricked by AI slop?

amanj41

Who knows lmao, but the reason this headline is hilarious is because of the article earlier today by FT saying OpenAI’s revenue is actually 50B not 70B

WiseIndustry2895

Man check my post on the daily thread. Told ya to take FT reporting with a grain of salt. They’ve had shit reporting since trump came into office. People seem to have short memory

DrGarrious

A lot of people trying to get this fake image out there. There was no update to the FT article.

hsien88

There was no “expectation”, FT just reported the number wrong. Nobody was expecting OpenAI to suddenly increase the ARR number from 40 billion a couple of months ago to 70.

RED-DOT-MAN

FT News is not fake.

VetFinPilot

This post is fake news. There’s no update saying that in the FT article.

jarMburger

WTF! Short FT

apoender

https://preview.redd.it/7m83jpkgacuh1.jpeg?width=1164&format=pjpg&auto=webp&s=efb56645464554f9d608eca2c3f82be732fcde22 OAI did not miss, FT swapped metrics and corrected it

777_heavy

FT has since clarified their “reporting” to say their estimates on OpenAI’s revenue is on par with previous estimates.

Overgrown_Dreams89

Best part of all this bullshit is FT just revised their article to clarify OpenAI will hit $70B of Gross Revenue lol

Material-Stable4148

Ya you saw even when FT fixed their article, stocks didn’t react ;)

spectracide_

FT\_OpenAI\_Article-final-edit-v3-update.docx

year2039nuclearwar

Fake news **The image contains inaccurate claims; the Financial Times (FT) did not correct or change its reporting.** The screenshot appears to be an unverified social media post or forum comment circulating misinformation. The original, official reporting by the [Financial Times](https://www.ft.com/content/b66a9858-f8fb-46cb-b506-44bfe26fca2a) stands exactly as initially detailed: \[[1](https://www.ft.com/content/b66a9858-f8fb-46cb-b506-44bfe26fca2a?syn-25a6b1a6=1), [2](https://www.reddit.com/r/CRWV/comments/1x139js/financial_times_updates_openai_revenue_report_50b/)\] * **The $50 Billion Figure is Accurate**: Citing direct investor documents, the FT confirmed OpenAI’s annualized revenue run-rate was approaching **$50 billion** at the end of September. \[[1](https://www.ft.com/content/b66a9858-f8fb-46cb-b506-44bfe26fca2a?syn-25a6b1a6=1)\] * **The Discrepancy Stands**: The $70 billion figure mentioned by other media outlets late last month was the result of investors trying to "gross up" numbers to compare OpenAI to Anthropic. OpenAI’s actual internal presentation numbers showed close to $30 billion in July and roughly $50 billion in September.\[[1](https://www.ft.com/content/c49f7d52-4b43-4dc9-b21b-a61e8756152f?syn-25a6b1a6=1), [2](https://www.ft.com/content/b66a9858-f8fb-46cb-b506-44bfe26fca2a?syn-25a6b1a6=1)\] * **No "Net vs. Gross" Correction**: The FT did not release an update stating $50 billion was "net" and $70 billion was "gross". The $70 billion estimate remains an inflated calculation compiled by external backers rather than OpenAI's primary metrics. \[[1](https://www.ft.com/content/b66a9858-f8fb-46cb-b506-44bfe26fca2a?syn-25a6b1a6=1)\] Financial reporting from major outlets like [CNBC](https://www.cnbc.com/2026/10/08/open-ai-revenue-nvidia-oracle-coreweave.html) and [Reuters](https://www.ksl.com/article/51634189/openais-annualized-revenue-20-billion-less-than-previously-signaled-ft-reports) has continued to align with the FT's initial report that actual annualized revenue is closer to the $50 billion mark. \[[1](https://www.ksl.com/article/51634189/openais-annualized-revenue-20-billion-less-than-previously-signaled-ft-reports), [2](https://www.cnbc.com/2026/10/08/open-ai-revenue-nvidia-oracle-coreweave.html)\]

Acceptable-Ant-3648

OPENAI'S ANNUALIZED REVENUE NEARS $50B, BELOW EARLIER $70B REPORTS: FT OpenAI recently told investors its annualized revenue was approaching $50B at the end of September, roughly $20B below the figure widely reported last month. The discrepancy reportedly stems from differences in how OpenAI and Anthropic calculate revenue. Anthropic includes sales through cloud partners such as AWS and Google Cloud, while OpenAI does not. Investors had attempted to adjust OpenAI's figures to make them comparable with Anthropic's, contributing to the previously reported $70B estimate. OpenAI declined to comment.

SpotlessCheetah

FT stands for Financial Tabloid. These guys couldn't even read Michael Burry's last 13F from Scion Capital.

deeptechdegen

Calling the FT fake news is peak

wattap

You may be retarded but not “the FT report is bearish for tech” retarded

zorna0

\*OPENAI RECENTLY TOLD INVESTORS ANNUALIZED REVENUE NEAR $50B: FT OpenAI annualized revenues $20bn less than previously signaled

Vlisa

Funny thing is for as damning as that FT article was, I have way redder random days.

Ok_Wealth_3433

Look at how OpenAI calculates revenue, and then look at the revenue that would have been added if they followed the same practice as Anthropic (including sales to cloud partners). Now, I wonder how close to the 70B figure that FT reported might they be? I knew that headline was iffy, when something is that improbable and crazy, it usually is.

jcpopm

It has entirely to do with the difference in accounting between Anthropic and OpenAI and the headline is meant to imply a miss of some sort which is not the case at all. FT knew what it was doing here.

CanadianGenerationX

Yes — **there is a legitimate reason to question the way the FT headline was interpreted**, although I would not call the underlying report false. The important distinction is: **What appears solid** The FT says it reviewed **financial documents shared with investors** showing OpenAI’s annualized revenue was approaching **$50 billion at the end of September**. Multiple independent outlets are reporting the same basic finding. So the **$50B figure itself appears credible**. **What’s potentially misleading** The headline framing of **“$20 billion less than previously signalled”** makes it sound as though OpenAI’s revenue expectations suddenly deteriorated by $20B. That’s **not really what happened**. The earlier \~$70B figure was apparently created by investors trying to make OpenAI’s numbers comparable with Anthropic’s. The two companies calculate annualized revenue differently: **Anthropic includes certain sales through cloud partners such as AWS and Google Cloud.** **OpenAI doesn’t include those partner sales in the same way.** Investors attempted to “gross up” OpenAI’s numbers to make the comparison, which contributed to the $70B figure. In fact, the FT says OpenAI’s revenue **grew more than 70%** from July to September. So this isn’t really: **$70B expected → $50B actual → $20B revenue miss** It’s closer to: **A $70B estimate based partly on an apples-to-oranges comparison → clarification that OpenAI’s own revenue metric is \~$50B.** That’s a **much less alarming fundamental development**. **And there’s an important market clue** The timing of the stock reaction was real. The Nasdaq and semiconductor stocks accelerated lower immediately after the FT story. MarketWatch specifically documented the Nasdaq hitting its session low following the report, while Nvidia and the semiconductor index fell sharply. But the market may have **overinterpreted the headline**. And there’s another wrinkle: **TSMC just reported extremely strong revenue growth**, while Samsung is forecasting record profits. Those are much more direct indicators of actual semiconductor demand than OpenAI’s annualized revenue calculation. **My interpretation** I’d put the situation this way: **FT report credibility:** 🟢 High **$50B OpenAI run-rate:** 🟢 Probably credible **$70B → $50B being a true $20B “revenue miss”:** 🔴 Misleading **Evidence that AI demand suddenly fell $20B:** 🔴 No **Evidence that today’s semiconductor selloff was triggered by the headline:** 🟢 Strong

CanadianGenerationX

Yes — **there is a legitimate reason to question the way the FT headline was interpreted**, although I would not call the underlying report false. The important distinction is: **What appears solid** The FT says it reviewed **financial documents shared with investors** showing OpenAI’s annualized revenue was approaching **$50 billion at the end of September**. Multiple independent outlets are reporting the same basic finding. So the **$50B figure itself appears credible**. **What’s potentially misleading** The headline framing of **“$20 billion less than previously signalled”** makes it sound as though OpenAI’s revenue expectations suddenly deteriorated by $20B. That’s **not really what happened**. The earlier \~$70B figure was apparently created by investors trying to make OpenAI’s numbers comparable with Anthropic’s. The two companies calculate annualized revenue differently: **Anthropic includes certain sales through cloud partners such as AWS and Google Cloud.** **OpenAI doesn’t include those partner sales in the same way.** Investors attempted to “gross up” OpenAI’s numbers to make the comparison, which contributed to the $70B figure. In fact, the FT says OpenAI’s revenue **grew more than 70%** from July to September. So this isn’t really: **$70B expected → $50B actual → $20B revenue miss** It’s closer to: **A $70B estimate based partly on an apples-to-oranges comparison → clarification that OpenAI’s own revenue metric is \~$50B.** That’s a **much less alarming fundamental development**. **And there’s an important market clue** The timing of the stock reaction was real. The Nasdaq and semiconductor stocks accelerated lower immediately after the FT story. MarketWatch specifically documented the Nasdaq hitting its session low following the report, while Nvidia and the semiconductor index fell sharply. But the market may have **overinterpreted the headline**. And there’s another wrinkle: **TSMC just reported extremely strong revenue growth**, while Samsung is forecasting record profits. Those are much more direct indicators of actual semiconductor demand than OpenAI’s annualized revenue calculation. **My interpretation** I’d put the situation this way: **FT report credibility:** 🟢 High **$50B OpenAI run-rate:** 🟢 Probably credible **$70B → $50B being a true $20B “revenue miss”:** 🔴 Misleading **Evidence that AI demand suddenly fell $20B:** 🔴 No **Evidence that today’s semiconductor selloff was triggered by the headline:** 🟢 Strong

CanadianGenerationX

Yes — **there is a legitimate reason to question the way the FT headline was interpreted**, although I would not call the underlying report false. The important distinction is: **What appears solid** The FT says it reviewed **financial documents shared with investors** showing OpenAI’s annualized revenue was approaching **$50 billion at the end of September**. Multiple independent outlets are reporting the same basic finding. So the **$50B figure itself appears credible**. **What’s potentially misleading** The headline framing of **“$20 billion less than previously signalled”** makes it sound as though OpenAI’s revenue expectations suddenly deteriorated by $20B. That’s **not really what happened**. The earlier \~$70B figure was apparently created by investors trying to make OpenAI’s numbers comparable with Anthropic’s. The two companies calculate annualized revenue differently: **Anthropic includes certain sales through cloud partners such as AWS and Google Cloud.** **OpenAI doesn’t include those partner sales in the same way.** Investors attempted to “gross up” OpenAI’s numbers to make the comparison, which contributed to the $70B figure. In fact, the FT says OpenAI’s revenue **grew more than 70%** from July to September. So this isn’t really: **$70B expected → $50B actual → $20B revenue miss** It’s closer to: **A $70B estimate based partly on an apples-to-oranges comparison → clarification that OpenAI’s own revenue metric is \~$50B.** That’s a **much less alarming fundamental development**. **And there’s an important market clue** The timing of the stock reaction was real. The Nasdaq and semiconductor stocks accelerated lower immediately after the FT story. MarketWatch specifically documented the Nasdaq hitting its session low following the report, while Nvidia and the semiconductor index fell sharply. But the market may have **overinterpreted the headline**. And there’s another wrinkle: **TSMC just reported extremely strong revenue growth**, while Samsung is forecasting record profits. Those are much more direct indicators of actual semiconductor demand than OpenAI’s annualized revenue calculation. **My interpretation** I’d put the situation this way: **FT report credibility:** 🟢 High **$50B OpenAI run-rate:** 🟢 Probably credible **$70B → $50B being a true $20B “revenue miss”:** 🔴 Misleading **Evidence that AI demand suddenly fell $20B:** 🔴 No **Evidence that today’s semiconductor selloff was triggered by the headline:** 🟢 Strong

SpotlessCheetah

FT = Financial Trash

Affectionate-Idea690

While some social media commentators and retail traders have claimed online that the FT article is a "fake story designed to spook the market," the reporting is legitimate and based on actual financial presentations provided to investors... OpenAI itself declined to comment publicly on the report, which is standard practice for private financial documents

Affectionate-Idea690

The Financial Times (FT) did not publish fake news about OpenAI, but it did issue a correction after a contributor used AI to condense a column before submission, violating FT editorial standards

WorkingCorrect1062

FT publishing fake news about OpenAI and crashing the market well done

Low_Plastic363

Full article from [https://www.ft.com/content/b66a9858-f8fb-46cb-b506-44bfe26fca2a?syn-25a6b1a6=1](https://www.ft.com/content/b66a9858-f8fb-46cb-b506-44bfe26fca2a?syn-25a6b1a6=1), since many of y'all seem to be unable to use Google: OpenAI’s annualised revenue is about $20bn less than the company has previously signalled, according to financial documents shared with investors, a massive gap likely to damp optimism about the growth of AI demand. The company has recently told investors its revenues were approaching $50bn on an annualised basis at the end of September, far short of the $70bn reported by the FT and other media outlets late last month based on information that was provided to investors. The metric, along with the equivalent figure for OpenAI rival Anthropic, is the most important indicator of overall demand for AI and underpins vast infrastructure spending and the growth of public equity markets. US tech stocks fell sharply following the FT’s report on Thursday, extending losses from earlier in the session, with the Nasdaq 100 down 1.7 per cent. Chipmaker Nvidia fell 2.9 per cent, Oracle dropped almost 6 per cent and Micron declined 4 per cent. The discrepancy arose from attempts by OpenAI’s own investors to produce a direct comparison with Anthropic’s annualised revenues, according to a person familiar with the matter. The pair calculate the figure in different ways, with Anthropic including the revenue from sales via cloud partners such as Amazon’s AWS and Google Cloud, while OpenAI does not. Investors’ efforts to “gross up” OpenAI’s annualised revenue prompted reports that the figure was around $40bn in July, said the person. OpenAI later told its backers that its annualised revenues had jumped more than 70 per cent since July, prompting reports that the figure was about $70bn at the end of September — a number the company did not deny. However, the new investor presentation shows close to $30bn annualised revenues in July. As a private company, OpenAI is not required to regularly disclose its financials publicly. OpenAI declined to comment. The ChatGPT maker is in talks with investors about a new private funding round that could value the company at about $1.4tn. Annualised revenues are the critical figure investors weigh to gauge OpenAI’s outlook and its performance compared to Anthropic. The $50bn in annualised revenues reported in September still points to a rapid rate of expansion for the AI company since the summer. But the gap against investors’ expectations will exacerbate concerns over the trajectory of large, private AI companies whose prospects are central to the US stock market and have helped fuel strong growth in the US economy. OpenAI has committed to spending hundreds of billions of dollars on computing power and infrastructure, funded by revenue from its AI tools as well as vast investment from partners. It also has the backing of tech groups including Nvidia, Microsoft and Amazon. The lossmaking company is in a fiercely competitive race with Anthropic, Big Tech rivals including Meta and Google and smaller groups, mainly from China, that are building cheaper, open AI models. OpenAI confidentially filed its prospectus for an initial public offering in June and was expected to go public this autumn. However, the company has since delayed those plans amid growing concerns about the threat posed by powerful AI. Chief executive Sam Altman has said the start-up will not “barrel all guns blazing towards an IPO” when AI is rapidly advancing in capabilities. The group is also facing a wave of legal action and government censure over recent hacks by its models.

CorrectTemperature65

Please use the sharing tools found via the share button at the top or side of articles. Copying articles to share with others is a breach of FT.com T&Cs and Copyright Policy. Email licensing@ft.com to buy additional rights. Subscribers may share up to 10 or 20 articles per month using the gift article service. More information can be found at https://help.ft.com/faq/gifting-and-sharing-an-article/what-is-a-gift-article/. https://www.ft.com/content/b66a9858-f8fb-46cb-b506-44bfe26fca2a?syn-25a6b1a6=1 is in talks with investors about a new private funding round that could value the company at about $1.4tn. Annualised revenues are the critical figure investors weigh to gauge OpenAI’s outlook and its performance compared to Anthropic. The $50bn in annualised revenues reported in September

kettu1

FT published article saying OpenAI actual yearly revenue $20 billion less than previously signaled