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We might all have underestimated AI.
Anthropic climbed from $0 to $30B+ ARR in ~2 years, the fastest company to reach this run rate, ever, while being supply constraint.
Imagine the sheet amount of token demand for such numbers to materialize.
This doesn't mean our stocks will all go through the roof but it seems to mean that fundamentally, we are clearly not seeing any slowdown in demand since the AI revolution started.
This is why I personally am less bullish on clouds and compute provider - like $NBIS, and more bullish on hardware companies - like photonics with $GFS or $SOI and optimizers like $ALAB or $SILC with the core manufacturers like $NVDA ot $TSM in the middle obviously.
Heck, Anthropic management is even telling us they train their model on different hardware for task optimization. Multipled hardware systems for optimized performance.
Clouds are wonderful business with large fundamental gains in front of them but the market rewards explosive growth and this won't happen, they are constrained by physical laws now, whatever the amount of demand, they will be limited in their cash generation.
Either way, this kind of run rate acceleration has never been seen before and this shows how much demand and potential there is for AI names and tech in general for the years to come.
We're not late friends. The narratives will shift but we are certainly not late.
