Asian markets mostly gain on AI chip demand despite Wall Street's retreat on inflation data
Asian shares were mostly higher Wednesday, following a retreat on Wall Street as U.S. inflation rose higher than expected in October, while U.S. futures edged higher and oil…
NEW YORK, Nov 11 — Artificial intelligence firm Anthropic has announced plans to raise up to US$64 billion in its upcoming initial public offering, potentially valuing the company at up to US$1.4 trillion. This IPO will be the first of a leading AI model developer and is being closely watched as a sign of the AI spending boom's longevity.
Anthropic aims to sell 825 million shares at prices between US$70 and US$78, trading under the ticker "ANT." Seven tech companies, including Google, Nvidia, AMD, and Microsoft, have agreed to purchase US$26 billion in non-voting shares at the IPO price. Despite initial expectations for a US$100 billion raise, making it the largest IPO on record, Anthropic's offering falls short of SpaceX's previous record.
AI experts suggest this IPO reflects investors' concerns about the cost of AI development and financing. As Wall Street evaluates the aftermath of the US midterm elections, where Democrats gained control of Congress, AI-related stocks have experienced volatility. Anthropic's revenue reached US$17 billion in Q3, with annualized run-rate revenue projected at US$81 billion.
The company's IPO includes a focus on the risks associated with advanced AI systems, including potential societal "catastrophic or existential risks" if not developed responsibly.
Written by urgent.news from Malay Mail's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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