{"text":[[{"start":12.48,"text":"Anthropic’s spending on computing power is rising faster than revenues, with the group revealing on Monday that it has committed to spend close to $900bn on AI infrastructure in the coming years in a bid to continue its breakneck growth."}],[{"start":26.44,"text":"The Claude maker’s revenue jumped almost 50 per cent to $17bn in the third quarter, the company said in an update to its S1 filing ahead of a planned initial public offering this month. That marks a slower pace of growth than earlier this year."}],[{"start":41.96,"text":"Anthropic’s spending on chips, power and infrastructure, meanwhile, leapt 77 per cent from $5.6bn to $9.9bn, with data centre expenses reaching 58 per cent of revenue in the third quarter, compared with 48 per cent in the second quarter."}],[{"start":58.92,"text":"The updated figures give investors in the group’s IPO the clearest look yet at a business that is growing — and spending — at an unprecedented rate."}],[{"start":67.88,"text":"Prospective backers are seeking evidence that Anthropic can turn a profit, even as it spends heavily to fend off competition from OpenAI and others in the coming years."}],[{"start":77.28,"text":"Anthropic’s IPO could eclipse SpaceX’s $86bn raise in June as the biggest listing of all time, but comes at a testing time for the broader, tech-dominated US stock market, which has suffered a sharp sell-off in recent weeks as investors have questioned the sustainability of the AI boom."}],[{"start":95.04,"text":"The Nasdaq 100 fell 3.5 per cent on Friday to cap its worst month in more than a year, while the Philadelphia Semiconductor index, which tracks the major US chip companies, tumbled 7.2 per cent. US stocks rose on Monday, recouping some of those losses."}],[{"start":111.92,"text":"Anthropic said in its updated filings published on Monday that it generated $1.2bn in interest income in the three months to the end of September, while its net loss shrank to $23.3bn from $66.2bn in the second quarter of this year."}],[{"start":127.6,"text":"After reporting operating profit of $974mn in the second quarter, it swung to a $567mn loss in the three months to the end of September, primarily due to an additional $4.3bn in computing costs."}],[{"start":142.92,"text":"Anthropic did not include an updated annualised run-rate revenue — a projection of annual performance from recent results. That number will be keenly watched by prospective investors in the group’s IPO. Anthropic’s backers anticipate the company will list at a valuation of between $1.5tn-$2tn."}],[{"start":160.44,"text":"The filing directly discloses for the first time that Anthropic has agreed $895.4bn in purchase commitments and lease agreements for computing power and infrastructure, of which $447.5bn is expected to be incurred before the end of 2030."}],[{"start":177.04,"text":"The company warned that expensive short-term computing contracts, taken on to meet soaring demand for Claude and its other AI products, hit its operating margin in the third quarter. Anthropic has committed to spend more than $3bn a month with Elon Musk’s SpaceX alone."}],[{"start":192.28,"text":"The new filing also pointed to an “imminent” step-up in the most advanced capabilities of its AI systems, presenting challenges for Anthropic’s efforts to balance rapid innovation with safety and security."}],[{"start":203.48,"text":"In updates to its risk factors, Anthropic warned that its latest AI models “may have already advanced” at a rate that triggers the implementation of new internal safety measures."}],[{"start":213.36,"text":"Anthropic introduced its Responsible Scaling Policy in 2023, a set of protocols designed to prevent “catastrophic risks” from its AI models."}],[{"start":221.92,"text":"The company on Monday said its future models “may imminently meet our Responsible Scaling Policy’s definition of ‘dramatically accelerated progress attributable to AI’”."}],[{"start":231.56,"text":"In new language that points to the challenges in assessing the capabilities of AI models during the training process, Anthropic said: “We have in the past not identified, and may in the future not identify, a significant acceleration in our rate of development until after it has occurred.” The comments were not included in its original IPO filing just a week ago."}],[{"start":256.68,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1793672423_7491.mp3"}