--- title: Investors keep asking when AI will generate real returns. description: "As very nicely highlighted by Ivana Delevska, founder of Spear, Investors keep asking when AI will generate real returns.\n\nSome AI companies are already answering—with numbers.\n\nRevenue milestones that once took years are being reached in months.\n\nConsider Anthropic.\n\nIts newly released S-1 contains plenty of data points. But one stands out:\n\nThe company is already profitable.\n\nAnd it is showing substantial operating leverage on its compute spending.\n\nThat matters.\n\nRevenue growth shows demand.\n\nProfitability shows whether that demand can become a durable business.\n\nAnd the momentum extends beyond Anthropic.\n→ Higgsfield AI and Cursor reached $1 billion in ARR in less than three years.\n→ More than 20 AI application companies are now valued at $4 billion or more.\n\nValuations aren’t returns.\n\nARR isn’t profit.\n\nBut these milestones deserve attention.\n\nThe investor debate needs to move beyond:\n\n“When will AI deliver?”\n\nTo a more useful question: “Who can turn today’s extraordinary growth into lasting shareholder returns?”\n\nSource: Ivana Delevska, Spear" image: https://blog.syzgroup.com/hubfs/1793171645828.jpg --- [![Syz Private banking](https://blog.syzgroup.com/hs-fs/hubfs/Logo.png?width=140&name=Logo.png "Syz Private banking")](https://www.syzgroup.com/fr) ## **Thinking** out loud [Subscribe](https://25733253.hs-sites-eu1.com/newsletter-signup?hsLang=en) [![Contact Us](https://hubspot-no-cache-eu1-prod.s3.amazonaws.com/cta/default/25733253/3d762f49-4e71-4f99-97b1-bf6781ef3da2.png)](https://hubspot-cta-redirect-eu1-prod.s3.amazonaws.com/cta/redirect/25733253/3d762f49-4e71-4f99-97b1-bf6781ef3da2) - [OUR SERVICES](https://www.syzgroup.com/en/private-banking) - [ABOUT SYZ](https://www.syzgroup.com/en/about/welcome-to-syz) - [CAREERS](https://www.syzgroup.com/en/careers) - [PRESS](https://www.syzgroup.com/en/news) - [Blog Homepage](https://blog.syzgroup.com) - [Slow Food for Thought](https://blog.syzgroup.com/slow-food-for-thought) - [Focus](https://blog.syzgroup.com/slow-food-for-thoughts/tag/focus) - [Asset allocations Insights](https://blog.syzgroup.com/slow-food-for-thoughts/tag/asset-allocation-insights) - [Market Outlook](https://blog.syzgroup.com/slow-food-for-thoughts/tag/market-outlook) - [Swiss Perspectives](https://blog.syzgroup.com/slow-food-for-thoughts/tag/swiss-perspectives) - [Syz the moment](https://blog.syzgroup.com/syz-the-moment) - [Crypto corner](https://blog.syzgroup.com/crypto-corner) - [Syz AI Insights](https://blog.syzgroup.com/syz-ai-insights) - [Fast Food for Thought](https://blog.syzgroup.com/fast-food-for-thought) - [The week in seven charts](https://blog.syzgroup.com/fast-food-for-thoughts/tag/the-week-in-seven-charts) - [Flash](https://blog.syzgroup.com/fast-food-for-thoughts/tag/flash) - [Fixed Income Weekly](https://blog.syzgroup.com/fast-food-for-thought/tag/weekly-fixed-income) - [Equity Weekly](https://blog.syzgroup.com/fast-food-for-thought/tag/weekly-equities) - [Global markets outlook](https://blog.syzgroup.com/fast-food-for-thoughts/tag/global-markets-outlook) - [CONTACT](https://www.syzgroup.com/en/contact-us/form) - [ENGLISH](https://www.syzgroup.com/) - [FRANÇAIS](https://www.syzgroup.com/fr) - [Slow Food for Thought](https://blog.syzgroup.com/slow-food-for-thought) - [Focus](https://blog.syzgroup.com/slow-food-for-thoughts/tag/focus) - [Asset allocations Insights](https://blog.syzgroup.com/slow-food-for-thoughts/tag/asset-allocation-insights) - [Market Outlook](https://blog.syzgroup.com/slow-food-for-thoughts/tag/market-outlook) - [Swiss Perspectives](https://blog.syzgroup.com/slow-food-for-thoughts/tag/swiss-perspectives) - [Fast Food for Thought](https://blog.syzgroup.com/fast-food-for-thought) - [Flash](https://blog.syzgroup.com/fast-food-for-thoughts/tag/flash) - [Weekly Fixed Income](https://blog.syzgroup.com/fast-food-for-thought/tag/weekly-fixed-income) - [The week in seven charts](https://blog.syzgroup.com/slow-food-for-thoughts/tag/the-week-in-seven-charts) - [Global markets outlook](https://blog.syzgroup.com/fast-food-for-thoughts/tag/global-markets-outlook) - [Weekly Equities](https://blog.syzgroup.com/fast-food-for-thought/tag/weekly-equities) - [Syz the moment](https://blog.syzgroup.com/syz-the-moment) - [Crypto corner](https://blog.syzgroup.com/crypto-corner) - [Syz AI Insights](https://blog.syzgroup.com/syz-ai-insights) - [Our Services](https://www.syzgroup.com/en/private-banking) - [About Syz](https://www.syzgroup.com/en/about/welcome-to-syz) - [Careers](https://www.syzgroup.com/en/careers) - [Press](https://www.syzgroup.com/en/news) - [Contact](https://www.syzgroup.com/en/contact-us/form) - [English](https://www.syzgroup.com/) - [Français](https://www.syzgroup.com/fr) ## **Sign-up** for our newsletter This website uses cookies to enhance user navigation and to collect statistical data. 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This document is intended for informational purposes only and should not be construed as an offer, solicitation or recommendation for the subscription, purchase, sale or safekeeping of any security or financial instrument or for the engagement in any other transaction, as the provision of any investment advice or service, or as a contractual document. Nothing in this document constitutes an investment, legal, tax or accounting advice or a representation that any investment or strategy is suitable or appropriate for an investor's particular and individual circumstances, nor does it constitute a personalized investment advice for any investor. This document reflects the information, opinions and comments of Bank Syz Ltd. as of the date of its publication, which are subject to change without notice. The opinions and comments of the authors in this document reflect their current views and may not coincide with those of other Syz Group entities or third parties, which may have reached different conclusions. The market valuations, terms and calculations contained herein are estimates only. The information provided comes from sources deemed reliable, but Bank Syz Ltd. does not guarantee its completeness, accuracy, reliability and actuality. Past performance gives no indication of nor guarantees current or future results. Bank Syz Ltd. accepts no liability for any loss arising from the use of this document. 28 Oct 2026 - - - #### Investors keep asking when AI will generate real returns. As very nicely highlighted by Ivana Delevska, founder of Spear, Investors keep asking when AI will generate real returns. Some AI companies are already answering—with numbers. Revenue milestones that once took years are being reached in months. Consider Anthropic. Its newly released S-1 contains plenty of data points. But one stands out: The company is already profitable. And it is showing substantial operating leverage on its compute spending. That matters. Revenue growth shows demand. Profitability shows whether that demand can become a durable business. And the momentum extends beyond Anthropic. → Higgsfield AI and Cursor reached $1 billion in ARR in less than three years. → More than 20 AI application companies are now valued at $4 billion or more. Valuations aren’t returns. ARR isn’t profit. But these milestones deserve attention. The investor debate needs to move beyond: “When will AI deliver?” To a more useful question: “Who can turn today’s extraordinary growth into lasting shareholder returns?” Source: Ivana Delevska, Spear [#AI](https://blog.syzgroup.com/syz-the-moment/tag/ai) ![Investors keep asking when AI will generate real returns.](https://blog.syzgroup.com/hubfs/1793171645828.jpg) ![Investors keep asking when AI will generate real returns.](https://blog.syzgroup.com/hubfs/1793171645828.jpg) #### Disclaimer This marketing document has been issued by Bank Syz Ltd. It is not intended for distribution to, publication, provision or use by individuals or legal entities that are citizens of or reside in a state, country or jurisdiction in which applicable laws and regulations prohibit its distribution, publication, provision or use. It is not directed to any person or entity to whom it would be illegal to send such marketing material. This document is intended for informational purposes only and should not be construed as an offer, solicitation or recommendation for the subscription, purchase, sale or safekeeping of any security or financial instrument or for the engagement in any other transaction, as the provision of any investment advice or service, or as a contractual document. Nothing in this document constitutes an investment, legal, tax or accounting advice or a representation that any investment or strategy is suitable or appropriate for an investor's particular and individual circumstances, nor does it constitute a personalized investment advice for any investor. This document reflects the information, opinions and comments of Bank Syz Ltd. as of the date of its publication, which are subject to change without notice. The opinions and comments of the authors in this document reflect their current views and may not coincide with those of other Syz Group entities or third parties, which may have reached different conclusions. The market valuations, terms and calculations contained herein are estimates only. The information provided comes from sources deemed reliable, but Bank Syz Ltd. does not guarantee its completeness, accuracy, reliability and actuality. Past performance gives no indication of nor guarantees current or future results. Bank Syz Ltd. accepts no liability for any loss arising from the use of this document. Read More ## Related Articles [AI|](https://blog.syzgroup.com/syz-the-moment/tag/ai) [nvidia](https://blog.syzgroup.com/syz-the-moment/tag/nvidia) #### [BCA believes the AI capex cycle could get extended](https://blog.syzgroup.com/syz-the-moment/bca-believes-the-ai-capex-cycle-could-get-extended?hsLang=en) Source: Peter Berezin **[Charles-Henry Monchau, CFA, CMT, CAIA](https://blog.syzgroup.com/author/charles-henry-monchau?hsLang=en)** | 28/10/2026 [AI|](https://blog.syzgroup.com/syz-the-moment/tag/ai) [microsoft](https://blog.syzgroup.com/syz-the-moment/tag/microsoft) #### [Microsoft’s revenue keeps growing. Its workforce barely moves.](https://blog.syzgroup.com/syz-the-moment/microsofts-revenue-keeps-growing.-its-workforce-barely-moves?hsLang=en) Microsoft ($MSFT) will reportedly offer voluntary buyouts to around 60,000 employees, according to Bloomberg, as it cuts costs and reorganises around AI. That is the number eligible—not the number expected to leave. Meanwhile, headcount stands at roughly 223,000, largely unchanged since 2022. Revenue has risen more than 500% since 2007. Two different timeframes. One striking shift in spending priorities. Microsoft is pouring billions into chips, data centres and AI infrastructure while keeping a tight grip on hiring elsewhere. This goes beyond AI automating individual tasks. The infrastructure race is also changing where companies allocate their next dollar. Revenue growth once fuelled workforce expansion. In the AI era, more of that money is going into compute. Source: Global Markets Investor, CNBC, Bloomberg **[Charles-Henry Monchau, CFA, CMT, CAIA](https://blog.syzgroup.com/author/charles-henry-monchau?hsLang=en)** | 27/10/2026 [AI](https://blog.syzgroup.com/syz-the-moment/tag/ai) #### [$400 billion. One target: compute.](https://blog.syzgroup.com/syz-the-moment/400-billion.-one-target-compute?hsLang=en) Anthropic could have extraordinary financial firepower by the end of 2027. The potential funding stack: • $132bn in cash already. • A possible ~$140bn IPO. • $77bn in committed funding from Google, Amazon and Broadcom. • Additional cash from a business reportedly growing revenue 14-fold annually. If those pieces come together, the total could approach $400bn. That would put Anthropic among the best-funded companies on the planet—and give it enormous capacity to secure chips, power and data centres. AI leadership takes more than a better model. It also takes the infrastructure to deliver it at scale. Anthropic could soon have the deepest pockets in AI outside Big Tech itself. Source: Nicholas Mugalli @RealNickMugalli World Trade securities **[Charles-Henry Monchau, CFA, CMT, CAIA](https://blog.syzgroup.com/author/charles-henry-monchau?hsLang=en)** | 27/10/2026 ## Straight from the Desk # Syz the moment Live feeds, charts, breaking stories, all day long. 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