Viewpoint: Anthropic’s business model has an extreme asset-liability mismatch, and the company will ultimately fail and be acquired.

Renowned U.S. stock market analyst Mark Minervini wrote in a post that he does not believe U.S. equities will see a crash on par with the 1987 sell-off in magnitude, but today may lay the groundwork for some form of stock market crash that could last one to two weeks. “If the downturn intensifies, SPY could drop 10% to 15% from its highs, with a worst-case decline of 20%. The Nasdaq may fall 20% to 25%. A cyclical bear market similar to 1998 is possible.”

According to Bitget market data, South Korea's KOSPI index has narrowed its decline to 5% after falling more than 8.5% earlier. SK Hynix is currently down 6.9%, while Samsung Electronics is down 4.2%.

Yesterday, stocks of companies closely linked to AI infrastructure—including NVIDIA, SpaceX, and Oracle—plummeted sharply. NVIDIA closed down 9.3%, notching its largest single-day drop since January 2025. SpaceX fell 9%, while Oracle declined 6.9%. The sell-off also triggered massive wealth losses for tech billionaires. Per the Bloomberg Billionaires Index, NVIDIA CEO Jensen Huang’s net worth dropped by $15.1 billion in a single day to $150.9 billion, slipping from 9th to 13th place in the global billionaire rankings and out of the top 10. SpaceX founder Elon Musk and Oracle co-founder Larry Ellison saw their wealth shrink by $79.7 billion and $10.1 billion respectively on Thursday. On that day, the combined wealth of the world’s top 500 billionaires tracked by the Bloomberg Billionaires Index fell by $185 billion. This marks the 14th largest single-day wealth loss on record since Bloomberg launched the index in 2012.

Nasdaq futures extended their gain to 1% after falling more than 1% earlier. Micron Technology rose 5.5% in after-hours trading, SanDisk gained 6%, AMD climbed 5%, and Nvidia advanced 2.4%.

In the U.S. midterm elections, voters in 10 states approved 38 data center restriction measures and elected multiple Democratic governors who advocate pausing data center construction. Newly elected governors of Ohio, Georgia, Michigan, New Mexico and Texas pledged during their campaigns to halt or suspend statewide data center construction; new governors of New York and Oregon, meanwhile, promised to extend existing local moratoriums. Candidates in Alaska and Kansas who support construction pauses are currently leading, but results have not been finalized. According to market intelligence firm Cleanview, around 40% of the planned data center capacity under development in the U.S. is set to be built in the aforementioned states. Additionally, 46 local ballot measures have been approved or are expected to pass, which will also impede data center development, with at least 17 directly banning large-scale data center construction.

According to Reuters, four people familiar with the matter said potential investors doubt whether Anthropic will be able to complete its roadshow in the week after next and go public in November as planned. The roadshow was originally scheduled to kick off the week of November 9, with pricing set for the following week. Some now view the $1.5 trillion valuation cap as already priced in, but given Anthropic’s consecutive quarterly losses and its heavy investments in AI sector partners, the company may need to offer a larger discount. Sources noted that if AI-related assets continue to face pressure, Anthropic could delay its IPO until market conditions stabilize. Anthropic declined to comment. Two sources told Reuters that investors are also awaiting Anthropic’s October revenue data, which was left blank in the company’s updated S-1 filing, to assess whether its growth has recovered from the recent slowdown.