DeGods founder Frank warns that AI investment risks remain despite Anthropic's strong S-1 filing.

Huo Xing Cai Jing reports that Frank, founder and trader of the NFT project DeGods, posted on X that although Anthropic’s latest S-1 shows strong revenue growth, this does not mean that resistance to AI investment has disappeared. He noted that the second quarter of 2026 will be the peak period for enterprises to purchase and consume AI tokens, with market focus on AI spending management only beginning in July; rising model homogenization and reduced output differentiation may intensify competition and compress profit margins—a trend that has not yet fully manifested in the second quarter. Frank also stated that there is still insufficient evidence proving AI can generate higher profits for most enterprises, and Anthropic’s large enterprise clients are under pressure to improve their own profit margins, potentially leading to reduced spending on Claude. Major tech companies and AI labs have committed to capital expenditures extending to 2034, and these expectations may already be priced into stock valuations; if enterprises improve the efficiency of existing chips to cut costs or issue additional shares to raise more capital expenditure, it could exert downward pressure on related stock valuations. He expressed long-term confidence in AI and may actively participate in Anthropic’s IPO, but believes the ultimate industry winner has yet to be determined, and the real investment opportunities may only emerge after the current market cycle concludes.