"Most ridiculous IPO of 2026"? Really?
New Constructs values Anthropic at $150bn, against the reported $2tn target. Their case rests on two numbers, and both are misleading. ❌ "$4.6bn revenue" → that's 2025. The run-rate passed $65bn in July, and Q2 revenue alone was $11.5bn (14x YoY). ❌ "$42bn loss" → about $34bn of it is a non-cash charge on convertible financing. It exists because the valuation went UP. Meanwhile: ✅ Adjusted operating profit two quarters running ✅ Compute cost per $ of revenue: 71¢ → 56¢ ✅ ~40% enterprise LLM share, while open source's share of enterprise workloads is falling At $2tn, that's ~31x run-rate sales and ~10x projected 2028 revenue. This is not WeWork. The real risks are customer concentration, $518bn of compute commitments and fierce competition. So the question isn't "is this a viable business?" It's "how much of 2028 is already priced in?" Where do you stand? 👇
This is what a supply shortage looks
Apple needs the chips. Micron has the chips. Micron sets the price. Micron’s net income has surged 42x in just 2 years to $38 billion - $8 billion MORE than Apple earned last quarter. We've never seen pricing power like this. Source: Charlie Bilello
Ranking updated
Source: Brew Markets
The Ratio of Technology stocks to the S&P 500 has never been higher...
Source: Charlie Bilello
Europe's largest company $ASML which makes the machines to make the most advanced semiconductors, sold $0 worth of product to customers within Europe last quarter.
Source: Evan
JP MORGAN SAYS $META'S MUSE COULD BECOME THE MOST USED AI APP SINCE CHATGPT. Here’s why:
Source. Nicholas Mugalli
Three IPOs are worth more than… all IPOs in the last 45 years of tech
Source: @jason
Technical warning on semiconductors
SMH is breaking below the dynamic formation. We are already well below the 100-day MA, while the 200-day MA sits considerably lower. Source: TME
