NH-Amundi Sees AI Revaluation in Anthropic IPO

NH-Amundi Asset Management said in its November “HANARO ETF Monthly Report,” published on the 4th, that Anthropic’s IPO could prompt a reassessment of the AI industry. The report said the U.S. 10-year Treasury yield had risen to the 5% range, its highest level since 2002, leading markets to assess AI companies by their ability to generate cash. It said this was why investors were watching Anthropic, whose revenue comes entirely from AI.

Anthropic disclosed its S-1 registration statement on the 26th of the previous month and began the listing process. The filing showed revenue of about $16.3 billion in the first half of this year, roughly 14 times the same period a year earlier. The report said “AI for Science,” including drug development and new-materials research, could become the next growth engine after enterprise agents and coding.

The report said a virtuous cycle could develop as revenue from AI models funds computing infrastructure, which in turn boosts model performance and demand. It identified slower growth and the burden of large compute commitments as factors to watch after the IPO. It added that investors should select companies tied to actual demand because benefits are unlikely to be distributed evenly across the AI supply chain.

Seung-cheol Kim, head of ETF Investment at NH-Amundi Asset Management, said Anthropic’s status as the first frontier AI model company to list on a U.S. exchange would mark a milestone, broadening AI investment beyond its focus on semiconductors and cloud computing.

NH-Amundi Asset Management said in its November “HANARO ETF Monthly Report,” published on the 4th, that Anthropic’s IPO could prompt a reassessment of the AI industry. The report said the U.S. 10-year Treasury yield had risen to the 5% range, its highest level since 2002, leading markets to assess AI companies by their ability to generate cash. It said this was why investors were watching Anthropic, whose revenue comes entirely from AI.

Anthropic disclosed its S-1 registration statement on the 26th of the previous month and began the listing process. The filing showed revenue of about $16.3 billion in the first half of this year, roughly 14 times the same period a year earlier. The report said “AI for Science,” including drug development and new-materials research, could become the next growth engine after enterprise agents and coding.

The report said a virtuous cycle could develop as revenue from AI models funds computing infrastructure, which in turn boosts model performance and demand. It identified slower growth and the burden of large compute commitments as factors to watch after the IPO. It added that investors should select companies tied to actual demand because benefits are unlikely to be distributed evenly across the AI supply chain.

Seung-cheol Kim, head of ETF Investment at NH-Amundi Asset Management, said Anthropic’s status as the first frontier AI model company to list on a U.S. exchange would mark a milestone, broadening AI investment beyond its focus on semiconductors and cloud computing.