Michael Burry said Anthropic's IPO filing has not changed his bearish view of the AI trade, since better technology does not resolve his concerns about financing, infrastructure spending and growth. He cited leverage in the financing structure, the inability to plug in the latest chips, memory capacity shifting to HBM, and compression from smaller open-weight models, as well as financing timelines that do not match the investments they fund. He said the prospectus did not reflect developer-market changes from the end of Q2 and during Q3, or a pullback in tokenmaxxing, citing a report that Meta's Claude Code users fell from 60,000 to 30,000. Anthropic filed for a Nasdaq listing under the ticker ANT, reporting $16.3 billion in first-half 2026 revenue and an $80.7 billion net loss, largely from a non-cash accounting adjustment tied to convertible financing, while its operating loss narrowed to about $693 million. Burry earlier said Anthropic's valuation could buy 78 profitable S&P 500 companies.
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Related tickers and likely impact
NVDA
▼ Likely negativeNvidia
Relevance: low
| Market | US stocks |
|---|---|
| Sector | Information Technology |
| Industry | Semiconductors |
| Market cap | $5.1T |
| Close on 10/26/2026 | 215.98 |
| Change that session | +2.38% |
QQQ
▼ Likely negativeInvesco QQQ Trust
Relevance: low
| Market | US stocks |
|---|---|
| Sector | ETF |
| Close on 10/26/2026 | 712.11 |
| Change that session | +1.09% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
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