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Anthropic aims for a record stock market debut valued at US$1 trillion, but faces commoditisation, collapsing prices, and rising bills. Growth slowed from 145% to 45%, while AI processing costs dropped 97% to 50 cents. The company committed to paying at least US$417 billion for chips since late 2025, risking a triple whammy of falling prices, debts, and unrealised revenue.
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