U.S. Stocks Plunge Overnight as Anthropic’s Valuation Falls to $500 Billion and ASI Risks Draw Scrut

When I woke up this morning, countless people in my circle of friends and groups were screening "crashes" and "crashes".

They ran to each other and said:Last night, U.S. stocks suffered an epic bloodbath.

In just 40 minutes, the S&P 500's market value instantly evaporated to $250 trillion!

This is one of the fastest and most disastrous times in the history of the stock market in the United States.

And the Anthropic IPO is also pending!

Now, Anthropic's IPO valuation has dropped from $2 trillion to $1.5 trillion, and the valuation may even drop further to $1 trillion, or even the rumored $500 billion!

It's just that I've been kicked in the leg.

What's worse is that US technology stocks have evaporated 2.5 trillion dollars overnight, and whether Anthropic will be able to IPO is now a problem.

Last night's attack on Wall Street can only be described as "terrible".

U.S. stocks collapsed three times in a row

The Nasdaq Madness is over 1,400 points, down 5.52 percent.

The S&P 500 evaporates $2.9 trillion a day.

The Dow Jones Industrial Average Index is at 1833.06 and is down 3.44%.

While tech stocks are selling like a tidal wave, the "tech giants seven" have a combined market value of more than $1 trillion!

In the meantime, we're going to have to make sure that we're doing the right thing and that we're doing the right thing and that we're doing it.

This morning, the storm directly crossed the Pacific Ocean, with KOSPI's opening falling almost 9 percent, directly triggering a monopoly, and a complete suspension of trading.

It's full of blood and dirt.

The day before, US stocks were still cheering for the midterm election boots landing, with the Dow assault plunging by 1,500 points; just 24 hours later, Dow pointed to the day-to-day counterhand plunge of 1833, wiping out all gains instantly, which was too dramatic.

INVEDA plummeted by 9.26%, evaporating over $440 billion a day, with year-on-year growth risking to fall to zero;

AMD plummeted by 15%, US light plummeted by 17%, and Flash plummeted by 22%.

It's almost 9.5 percent down.

The high cost of storage chips is seriously eroding profits.

CoreWeave fell 10%, down 76% from last year's high; Nebius plunged 15%, down 58% from this year's high; and even GE Vernova, the energy company responsible for power supply, was sold.

Tesla, which is owned by Musk, plunged close to 11%, SpaceX plunged more than 9%, and concerns about the expansion of AI training centers were spreading rapidly.

The concept of AI has been blown up!

The direct trigger was the result of the midterm elections in the United States, and the Democrats took control of both houses of Congress.

It's important to note that over the past year, U.S. stocks have been innovating at a high level, relying on all in "AI computing chain" and "data center construction".

If this logic is broken, the entire industrial chain will be overthrown!

Originally, Anthropic was hailed by Wall Street as the cradle of global technology stocks in 2026.

A few days ago, market expectations of its IPO valuation were still ringing.US$2 trillion。

However, the latest disclosures directly frightened Wall Street investors:

Anthropic has pledged up to $895 billion in irrevocable computing and infrastructure spending!

What is this concept?

In the U.S. tech giant, in addition to the $1.06 trillion commitment from Google's parent company Alphabet, Anthropic directly overcame Meta ($866 billion) and squeezed the entire Silicon Valley.

This means that even if the company doesn't make a penny tomorrow, it will have to pay the bill hard.

What are you doing here?$161 billion;

It's not easy.US$121 billion, plus commitments for up to US$150 billion in AI chips;

SpaceX：US$121 billion;

Amazon: What is it?At least $110 billion.

More deadly is the repayment schedule.

In the next 12 months alone, Anthropic will have to raise $70 billion in gold and silver; by the end of 2030, it will have raised $448 billion.

Can it make that much money?

Despite a 47 percent increase in revenue in the three quarters, reaching $17 billion, the bottomless pit of Big Model R&D and its massive depreciation have allowed its net losses to expand in astronomical numbers.

Tens of billions of dollars a year, almost trillions of dollars in debt, and 70 billion a year later.

It is reported that the capital markets have completely turned the tables.

Investment institutions are collectively opposed to the water, and they are driving the palace crazy.

A few days ago, there were rumors of an IPO with a market value of $2 trillion, the target valuation quickly climbed to $1.5 trillion, $1 trillion, and even rumors of an open-ended transaction.The $50 billion price tag of "Footprints" is too low.。

Everything collapsed when Wall Street discovered that even the best AI-made templates were based on "trillion-dollar borrowing bars".

Is the AI model able to recover the burned money?

According to marketplace forecast platform Kalshi, the likelihood of Anthropic going public in 2026 has fallen to less than 60% from almost 90% before the midterm elections.

A former Morgan Stanley employee, a Silicon Valley partner, said directly:The devaluation is irrelevant because the game may be over.

He pointed out that the entire existence of Anthropic (and similar AI giants) is based on a "extreme balance sheet mismatch" financing model.

It is essentially a "self-defeating trap of a game of faith".

Simply put: AI companies need to constantly buy computing power from super-large data centers such as Amazon and Google, and to pay for it, they must constantly finance and issue new shares at extremely high valuations.

However, if the IPO is priced incorrectly, or the stock market environment deteriorates, the death spiral will start.

Without high-value shares, you can't borrow money; without credit, you can't pay bills; without bills, you can't survive, because that almost trillion-dollar irrevocable commitment is a deadly negative asset collateral.

"If credit rating agencies don't rate investment grade bonds with a market capitalization of $2 trillion, they certainly won't rate trillion dollars worth of junk bonds".

In such a situation, Anthropic is facing a very serious life-and-death test to succeed in the market.

If enforced, there may be embarrassment in asking no one; if delayed, next year's bills of $70 billion will be overdue.

The results of the midterm elections in the United States have drawn electricity directly to the global AI computing industry.

The Democrats not only took control of both chambers of Congress, but also won a landslide victory in the governor's election in Chongqing, the headquarters of AI computing.

The newly-elected governor, while campaigning, flagged clearly:Provisional bans on high-energy data centers and tax breaks for data center operators have been lifted.

Over the past two years, global tech giants have built factories in this circle, and the super computing centers of Google, Meta, Oracle, and OpenAI are built on it.

Now, the settlement is here.

The market has come to its senses:The biggest bottleneck for AI is not algorithms, it's electricity; the biggest barrier to electricity is policy.

Over the past year, U.S. stocks have reached record highs based on the unlimited investment expectations of "giant crazy buy chips, buy electricity, build data centers".

This time, the market is not cutting "with the chickens" but specifically cutting "with the chickens".

In the past, capitalists believed that as long as the chips were made and the machines were built, the future would inevitably change. Now, when the giants were carrying almost trillions of bills, machine approvals and policy cards, Wall Street began to calculate the total:

And that's why I'm here.This is a beautiful PPT.When will we see real business returns?

The full-screen crash was Wall Street's brutal response.

And the U.S. could ban superintelligence altogether, with a maximum sentence of 20 years!

Less than 24 hours after the election results were announced, Democratic Rep. Yassamin Ansari of Arizona publicly declared war on the entire AI industry:

On the first day of the Democratic Party's first day on the agenda, progress should be suspendedAII'm not going to say anything about it, but I'm not going to say anything about it.

The tweet quickly surpassed 14 million views, and Musk joked: "What a beautiful new world".

Unsurprisingly, Ansari, who holds the new majority of seats in Congress, straightened out the mask and issued a flamboyant warning: "We will see Congress soon".

The reason why Silicon Valley and Wall Street are so frightening is because Ansari is never shouting slogans.

Her joint bill banning artificial superintelligence (S.5493/H.R.10538), which she signed, was not a long-standing proposal.

As early as September this year, the bill was formally submitted to Congress by Senator Sanders and Representative Kasar.

It reverses the text of the bill, which contains three clauses that are enough to uproot Silicon Valley:

The first knife, on the surface, is the "future", and the actual cut is the "now".

The law stipulates that as long as the training capacity exceeds 1,025 floating-point operations, it will automatically trigger "mandatory suspension orders" for the approval of the newly created Federal "AI Department", strictly prohibiting training, mitigation and even marketing.

It is worth noting that the first generation of GPT-4 had already crossed this threshold three years ago!

This means that the next generation of flagship models that Silicon Valley's major labs are running today have all been stepping on the unlawful red line since the moment the machines were electrified.

The second knife completely knocked out the ceiling for "superintelligence".

As long as AI's cognitive capabilities exceed humans in most areas, or there is a risk of uncontrollability, the entire chain is shut down, from writing code research and development to making money investing in open source deployments.

The third knife is to develop large models directly on the basis of "grave crimes".

Once the border is crossed, tech companies involved will be dissolved by direct order of the federal government; engineers and executives face the highest20 years in federal prison！

The whole X-moment exploded.

Jen Zhu, a renowned tech investor, said, "Just shut down linear algebra, probability statistics, and vector calculus!"

Wall Street traders were even more furious, criticizing politicians for "crashing the entire stock market with a single tweet".

Macroeconomic institutions have also warned that braking is no different than "self-destruction of the Great Wall".

For the capital market, the bill directly monopolizes the source of the entire demand chain for AI hardware.

The next generation of big models won't be able to train and won't need that much GPU.

Without GPUs, you don't need as much HBM and storage; you don't buy chips, and you don't need a data center built naturally.

AI is the only reason the U.S. GDP is still growing.