Burry Keeps AI Bear Case After Anthropic's IPO Filing

what happened

Investor Michael Burry, known for The Big Short, said Anthropic's IPO filing has not altered his bearish view of the AI trade. He argued that better models do not resolve his concerns about financing, infrastructure spending and growth. His comments were reported by Stocktwits, citing his chat on Substack.

Burry pointed to leverage in the financing, the lack of access to the latest chips, the possible return of DRAM capacity shifted to HBM, and the spread of smaller open-weight models. He also said the prospectus does not reflect recent changes in the developer market or the pullback in token consumption. In his view, the technology keeps improving, but its growth rate may slow.

Anthropic filed for a Nasdaq listing under the ticker ANT, without setting an offering price or share count. According to the prospectus, first-half 2026 revenue was $16.3 billion, while the net loss reached $80.7 billion, largely due to a non-cash accounting adjustment linked to convertible financing.

why it matters

For markets, skeptics of the AI sector gained a fresh argument: even as the technology advances, questions about debt, capital spending and deal returns remain open. This could weigh on investor sentiment toward large AI companies and AI-linked stocks, including chipmakers and technology-sector ETFs.

market impact

Tech stocks and Nasdaq ETFs: growing doubts over AI financing may pressure the sector

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