LITZ

AI semis: one number sparked a selloff. Last night, memory and optics names plunged, triggered by a brief media report:

'People familiar with the matter said Anthropic's annualized revenue reached $65 bn as of end-Jul. One of them said the figure was shared in the company's routine investor updates to investors.'

The absolute figure looks large. However, it is actually below prior third-party tracker estimates, such as Yibit Data and Tickertrends.

It is reasonable to infer that OpenAI saw marginal acceleration after cutting Codex pricing. But the likely scenario is that combined revenue acceleration for the two is slowing.

Their revenues underpin the leverage being layered into AI infrastructure across the industry. If the foundation is not thick enough, the leveraged structure above looks shaky.

The shadow from the Jul selloff PTSD looms again: are model price cuts triggering a price war that is denting ARR growth? Or have model performance upgrades failed to further spur token consumption?

$Coherent Corp.(COHR.US) $SK Hynix(SKHY.US) $Lumentum(LITE.US)