Baird reviews chip stocks after Anthropic S-1 filing

Investigating the latest developments in the AI sector, a prominent investment firm has examined its stock portfolio in response to Anthropic's S-1 filing. This filing revealed staggering commitments and spending agreements with major cloud providers and chip manufacturers, valued at over $200 billion. Revenue for Anthropic grew an astonishing 1,368% year-over-year in Q2 2026, while compute and infrastructure costs surged by 300%.

Anthropic's compute efficiency improved to 5.2x revenue per dollar of compute, up from 1Q25 levels. Their NVIDIA-based commitments span up to $120.5 billion with SpaceXAI, $44.6 billion with Nscale, and $41.3 billion with Lambda. Monthly costs are projected to reach $3.1 billion once all capacity is delivered in December 2026.

The company has also allocated substantial funds towards equipment leases, with approximately $161.2 billion in rent payments under five-year Broadcom agreements. Additionally, Anthropic has committed to spend at least $114.5 billion with Google and $110 billion with Amazon over the next decade.

In a strategic move, AMD's Helios deployment featuring MI450 GPUs is anticipated to commence in 2027, with potential spending exceeding $20 billion if full initial capacity is procured. AMD has even committed to purchasing up to $5 billion of Anthropic stock against GPU delivery and deployment milestones.

Recent updates also include Anthropic's integration of its Claude AI assistant with Google Workspace apps, as well as CEO Dario Amodei's upcoming briefing to the United Nations Security Council on AI risks. Furthermore, China's internet regulator is investigating DeepSeek and Moonshot AI for allegedly transferring sensitive user data to Claude models.

On a regulatory front, New York has mandated that AI developers must register under the RAISE Act, starting November, with compliance requirements encompassing transparency and safety reporting. These developments underscore the rapid growth and increasing regulatory focus within the AI sector, particularly involving Anthropic.