Management changes at NVIDIA Corporation (NVDA.US) may affect Anthropic's IPO plans; market watches whether the tens-of-billions-of-dollars investment will change.

Title context: Management changes at NVIDIA Corporation (NVDA.US) may affect Anthropic's IPO plans; market watches whether the tens-of-billions-of-dollars investment will change. Text: Following the sudden departure of NVIDIA Corporation (NVDA.US) Chief Executive Officer Jensen Huang, the record-breaking initial public offering (IPO) plans of artificial intelligence (AI) giant Anthropic are coming under renewed market scrutiny. The close ties between the two companies in capital investment and AI chip supply mean that NVIDIA Corporation's management change could affect Anthropic's upcoming large-scale fundraising. According to Anthropic's listing filing, NVIDIA Corporation has agreed to subscribe for approximately US$10 billion worth of shares in the US$26 billion private placement conducted alongside the company's IPO. As the developer of Claude chat Siasun Robot&Automation, Anthropic regards NVIDIA Corporation as a strategic partner and has committed to investing tens of billions of dollars to secure access to the latter's most advanced AI chips. Anthropic plans to raise up to US$90.4 billion next week through the IPO and concurrent private placement, targeting a fully diluted valuation of approximately US$1.4 trillion. Investors are currently closely watching whether NVIDIA Corporation's management change will further weigh on investment sentiment in the AI sector and bring uncertainty to Anthropic's listing plans. Bloomberg Intelligence analyst Mandeep Singh noted in a research report that changes in NVIDIA Corporation's leadership could prompt its board to reassess the size, timing and strategic significance of its investment in Anthropic. He said that if NVIDIA Corporation delays or scales back the investment, it could weaken market confidence in Anthropic's listing at a valuation of approximately US$1.4 trillion. However, investment commitments from Alphabet Inc. Class C and other strategic investors are expected to limit the impact of this change on Anthropic's actual fundraising size. It is worth noting that Anthropic has been diversifying its sources of AI computing power in recent years to reduce reliance on a single chip supplier. Currently, the company mainly uses chips from NVIDIA Corporation, AMD (AMD.US), Alphabet Inc. Class C, the parent company of Alphabet Inc. Class C (GOOGL.US), and Amazon.com, Inc. (AMZN.US). Among them, Amazon.com, Inc. and Alphabet Inc. Class C are both existing investors in Anthropic. AMD and Alphabet Inc. Class C have also agreed to participate in the private placement, subscribing for approximately US$2.5 billion and US$10 billion worth of shares, respectively. Despite the new uncertainty brought to the market by NVIDIA Corporation's management change, Anthropic's IPO is still receiving strong investor subscriptions. According to people familiar with the matter, the company's IPO subscription orders have reached several times the number of shares available for sale. Matt Maley, chief market strategist at investment firm Miller Tabak & Co., said that for now, Anthropic's listing transaction is still expected to proceed smoothly. The latest news surrounding NVIDIA Corporation and its share price decline do not appear to have had a noticeable impact on Anthropic's IPO. Maley noted that circumstances could still change in the future, but the marketing of Anthropic's IPO is progressing very smoothly. If the company's share price performs well in the days or even weeks after listing, investors may gradually shake off the negative sentiment brought by NVIDIA Corporation's management change. Meanwhile, Anthropic's newly disclosed financial data also supports market confidence in the outlook for AI investment. According to the listing filing submitted by the company on Tuesday, as of October 31, Anthropic's annualized revenue had reached US$81 billion, an increase of US$10 billion from the end of September. Previously, media reports said that as of the end of July, the company's annualized revenue was US$65 billion. This means that Anthropic's annualized revenue increased by US$16 billion in just three months, an increase of nearly 25%, showing that demand for its AI products and services is still growing rapidly. However, Anthropic's disclosed annualized revenue is not actual full-year revenue, but an indicator annualized based on usage-based revenue over the past 28 days and single-month subscription revenue, mainly used to measure the company's current revenue growth rate. Luke Lango, chief technology analyst at InvestorPlace, said that Anthropic's S-1 registration statement shows that the company has effectively diversified supply risk through a diversified AI accelerator procurement strategy, so that it will not become overly dependent on NVIDIA Corporation. According to the listing filing, Goldman Sachs Group, Inc. and Morgan Stanley will serve as lead underwriters for Anthropic's IPO, with 20 other banks participating as underwriters. The company's shares are expected to begin trading on the Nasdaq Global Select Market on November 19 under the ticker symbol "ANT." As one of the world's most closely watched AI companies, Anthropic's IPO is not only an important test of its own growth prospects and valuation level, but will also serve as an important indicator of capital market enthusiasm for investment in the AI industry. With NVIDIA Corporation's management change triggering industry uncertainty, whether Anthropic can successfully complete its fundraising and maintain strong performance after listing will be closely watched by Wall Street.