What's Happening?
NH-Amundi Asset Management has released its November HANARO ETF Monthly Report, focusing on the anticipated listing of Anthropic, an AI model company. The report suggests that Anthropic's listing will broaden the scope of AI investing beyond semiconductors
and cloud services, as it represents the first frontier AI model company to list on a U.S. stock exchange. This development is prompting a re-evaluation of AI companies based on their ability to generate cash, especially as U.S. Treasury bond yields have risen. Unlike big tech companies where AI revenue is combined with existing business revenues, Anthropic's entire revenue stream is derived from AI, making its financial performance a clearer indicator of AI's profitability. Anthropic's registration statement (S-1), made public on October 26, revealed approximately $16.3 billion in revenue for the first half of the year, a 14-fold increase from the previous year, indicating improving economics for AI models where revenue growth outpaces computing costs. NH-Amundi Asset Management recommends the HANARO U.S. Agentic AI TOP2+ ETF for investors interested in agentic AI and new growth opportunities, which includes investments in major tech companies like Microsoft, Alphabet, Meta, and Amazon, as well as AI infrastructure and security firms such as CrowdStrike and Dell Technologies.
Why It's Important?
The listing of Anthropic is significant for the U.S. investment landscape as it provides a pure-play AI investment opportunity, allowing investors to directly assess the profitability of AI models. This contrasts with current big tech investments where AI revenues are often blended with other business segments, making it difficult to isolate AI's financial performance. The focus on cash generation and profitability, driven by rising U.S. Treasury bond yields, means that companies like Anthropic, which can demonstrate clear AI-driven revenue, will likely attract considerable investor attention. This shift could lead to a reallocation of capital within the AI sector, favoring companies with proven profitability and strong connections to actual demand. Investors in the HANARO U.S. Agentic AI TOP2+ ETF, for instance, stand to benefit from this broadened investment scope, gaining exposure to both established tech giants and specialized AI infrastructure providers. The report also highlights potential future growth drivers in 'AI for Science,' suggesting new avenues for investment and innovation within the U.S. scientific and technological sectors.
What's Next?
Following Anthropic's listing, the market is expected to continue scrutinizing AI companies for their ability to generate cash and demonstrate clear profitability. This will likely lead to increased investor demand for transparency in AI-related financial reporting. The report suggests that investors should prioritize companies with strong connections to actual demand, as the benefits of AI are unlikely to be evenly distributed across the entire supply chain. The emergence of 'AI for Science,' encompassing areas like drug discovery and advanced materials research, is identified as a potential next growth driver, indicating future investment opportunities and technological advancements. This could spur further innovation and competition within the U.S. AI sector, potentially leading to new partnerships, mergers, and acquisitions as companies vie for market share and technological leadership. The performance of Anthropic post-listing will serve as a key benchmark for other AI model companies considering public offerings, influencing future investment trends and market valuations in the rapidly evolving AI industry.
Beyond the Headlines
The anticipated listing of Anthropic and the subsequent market reassessment of AI profitability could trigger a deeper shift in how technological innovation is valued in the U.S. financial markets. Beyond immediate financial gains, this development highlights the increasing maturity of the AI industry, moving from a phase of speculative investment to one demanding tangible returns and sustainable business models. The emphasis on 'agentic AI' and 'AI for Science' points to a future where AI is not just a tool for efficiency but a core driver of scientific discovery and enterprise solutions, potentially reshaping industries from healthcare to manufacturing. This could also raise ethical and regulatory questions regarding the responsible development and deployment of increasingly powerful AI models, especially as their economic impact becomes more pronounced. The virtuous cycle described—where AI model revenue fuels infrastructure investment, which in turn boosts model performance and demand—suggests a self-sustaining growth trajectory for the AI sector, with profound long-term implications for technological advancement and economic competitiveness in the U.S. and globally.
