Anthropic PBC has filed for an initial public offering with the U.S. Securities and Exchange Commission, a move that would bring one of the largest AI developers onto the public market even though the company is not yet profitable. The filing landed as several major technology stocks slid, reflecting investor unease about the scale of spending on artificial intelligence infrastructure.
The market jitters were especially sharp at the New York Stock Exchange. Intel Corp. posted the steepest decline, falling almost 30 percent after its Thursday earnings report. Alphabet Inc. dropped more than 12 percent following slower growth in search revenue, and Amazon.com Inc. fell 7 percent as it continues to put money into an AI infrastructure buildout. CoreWeave Inc. and Fortinet Inc. also saw their shares decline.
On theCUBE Pod, executive analyst John Furrier and chief analyst Dave Vellante, both of theCUBE Research, discussed what the Anthropic IPO and Friday's stock moves suggest about a potential AI bubble. Vellante described the situation as the AI bubble letting out a little air and said he views it as a healthy sign for the market's future. Furrier argued that last week does not necessarily indicate the bubble will pop soon.
Furrier pointed to cloud growth as the foundation for AI expansion and said the infrastructure boom could coexist with a neocloud shakeout as enterprise AI begins to create jobs rather than eliminate them. He said rationality and common sense are taking hold and that Wall Street is still working to understand the transition. In his view, the value of the IPOs being positioned points to a demand for durability, and the shift from Silicon Valley platforms into the markets amounts to a platform game.
Separately, Intercontinental Exchange, the parent company of the NYSE, announced it will partner with Trade[XYZ] to bring perpetual futures markets built on the cryptocurrency trading platform Hyperliquid to the U.S., subject to regulatory approval. Furrier compared the idea to how cloud computing re-leveled the data center, noting that the NYSE and Nasdaq now face a changed competitive landscape.
On Intel, Vellante said the company has leaned into CPUs over GPUs and missed the mark, since the real contest is over AI platforms rather than CPUs versus GPUs. He and Furrier expect Intel to recover some ground. Furrier said CEO Lip-Bu Tan has an opportunity to look at footprints beyond the hyperscaler market Intel once held and described a turnaround as a multiyear journey. TheCUBE concluded that the AI boom, while compared to past bubbles, remains a unique phenomenon that will play out over decades.
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