Michael Burry Says Anthropic IPO Filing Changes Nothing on AI

Michael Burry said Anthropic's IPO filing contains "nothing that changes my view" about the AI boom, citing slowing revenue growth and broader industry pressures. The investor shared his analysis with Substack subscribers on Monday. Anthropic reported revenue surpassing $16 billion for the first half of 2026, a 14-fold increase year-over-year, with operating losses narrowing to below $700 million. However, Burry noted third-quarter revenue growth slowed to about 46% from the prior quarter, down from 144% growth between the first and second quarters. Burry highlighted concerns about debt financing complexity in AI deals, memory chip price crashes, and efficiency trends reducing computing needs. He also agreed with subscriber observations that Big Tech is shifting toward in-house models, contributing to token commoditization.