---
type: "Topics"
locale: "en"
url: "https://longbridge.com/en/topics/40459975.md"
description: "Now that the AI arms race has reached this stage, what's the real question we should be asking?It's not "how much stronger is GPT-6 than Claude Opus 4.7"—this kind of cross-comparison is updated weekly, and what's behind today can catch up tomorrow. Nor is it "is a $900 billion valuation reasonable"—primary market pricing is essentially negotiated by a few large funds, with a huge gap in perception compared to the secondary market. I think there are two things we should really be watching. First, corporate willingness to pay. Anthropic's $44 billion annualized run rate, with 80% from enterprises and a doubling of customers paying over a million dollars a year—this number tells you AI is no longer a demo, it's a real production tool. Second, the capital structure. Of OpenAI's $122 billion, SoftBank's contribution comes in three tranches (April, July, October), with Nvidia and SoftBank each committing $30 billion with performance clauses. The IPO timeline is already being pulled along by capital. So what does this mean for retail investors in the secondary market?My view is straightforward: don't buy the "AI concept" story, buy the "AI cash flow" targets. The direct beneficiaries are upstream computing power (NVDA) and cloud infrastructure (AMZN/MSFT/GOOG). The indirect beneficiaries are SaaS companies that capture enterprise transformation budgets (this trend isn't over yet). Anthropic and OpenAI themselves are actually the hardest to buy—primary valuations are soaring, and retail investors in the secondary market can't get a piece.On May 5th, Anthropic, Goldman Sachs, and Blackstone launched a $1.5 billion AI private equity project, targeting privately held companies. This development might be more worth tracking than the fundraising itself—AI is finally starting to permeate the real economy."
datetime: "2026-05-06T07:40:33.000Z"
locales:
  - [en](https://longbridge.com/en/topics/40459975.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/40459975.md)
  - [zh-HK](https://longbridge.com/zh-HK/topics/40459975.md)
author: "[老王爱钓鱼](https://longbridge.com/en/profiles/27254489.md)"
---

# Now that the AI arms race has reached this stage, …


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