The anticipation surrounding Anthropic’s upcoming initial public offering is reaching a fever pitch, promising what could be one of the most significant market events in recent history. However, not everyone is convinced that the AI darling is a safe bet for shareholders. Gil Luria, the head of technology research at DA Davidson, recently warned during a conversation with CNBC that investing in the company would be highly speculative, noting that while Anthropic might succeed, its future trajectory remains uncertain.
Luria suggests that focusing on which specific AI model wins the race might actually be a distraction for serious investors. While Anthropic saw explosive growth early on and captured a huge portion of the enterprise market, that momentum has slowed as competitors like OpenAI closed the gap. Furthermore, many businesses are now pivoting toward open weight models to manage costs, contributing to a deceleration in revenue that has already put the company’s financials under intense scrutiny.
Despite these concerns about Anthropic specifically, Luria isn’t sounding an alarm for the artificial intelligence industry as a whole. He believes the real gold mine lies not with the creators of individual models, but with the hyperscalers and infrastructure giants that provide the foundation for all AI activity. In his view, companies like Microsoft, Amazon, and Google stand to gain regardless of which chatbot becomes dominant because they own the clouds where these systems live.
Ultimately, Luria argues that as long as users continue to adopt AI tools and pay for them, the broader trade remains healthy. This ecosystem benefits chipmakers like Nvidia and Broadcom far more reliably than any single software startup might. While a disappointing debut for Anthropic could cause a brief tremor in investor confidence, Luria maintains that a reasonably successful IPO is enough to keep the massive wave of AI investment moving forward across the rest of the tech sector.