Through all the fears around Anthropic and OpenAI It's pretty clear they will both hit $100B ARR each by the end of this year That's a 10x by Anthropic and 5x by OpenAI in 1 year! I'm sorry doomers but the internet companies never had this type of growth at the application layer in the late 90s Sure, the infra stocks did well, similar to the infra stocks this time around with AI. But the difference here is that the application layer is printing money too. Anthropics revenue jumped from $11.6B in Q2 to ~$16.8B in Q3, and thats during a slow September before the new models launched. October has been a very big month for token usage so we should expect $20B+ for Q4 And ever since OpenAI launched Codex and Astra their revenue have been on an absolute tear as well But we're going to close out this year with $200B ARR from just 2 companies, in addition to the revenues coming from GrokBut, Muse, and more To compare today to the .com bubble makes 0 sense That makes has their panties in a knot anyway though and continues to sell off. I think there will be a violent v-shaped recovery soon when everyone realizes that the AI revenue is there to support the build out I dont know exactly when it will happen, but it will happen