While OpenAI and Google performed well, Anthropic's unprecedented growth as the "fastest growing company in capitalism's history" provided the crucial proof point that AI revenue is real, preventing a potential 10-15% market-wide AI stock correction.

Brad Gerstner argues that Anthropic, the 'fastest growing company in the history of capitalism,' was the critical data point that buoyed the entire AI market narrative when OpenAI and Google's numbers were merely 'good,' not exceptional.

Anthropic's annualized revenue run rate has surged to $30 billion, a 3x increase since late 2023, potentially surpassing OpenAI. This unprecedented growth, annualized at 9700%, is driven by enterprise customers, with those spending over $1M annually doubling in just two months, signaling a major shift in the AI market.

Initially viewed as a growth driver, Generative AI is now seen by investors as a major disruption risk. This sentiment shift is driven by the visible, massive investments in AI infrastructure without corresponding revenue growth appearing in established enterprise sectors, causing a focus on potential downside instead of upside.

Anthropic's growth to a $30 billion annualized run rate in just over a year is unprecedented. It added $11 billion in run rate in March 2025 alone—the equivalent of Databricks and Palantir combined. This signals that enterprise demand for intelligence has a near-infinite Total Addressable Market (TAM).

Despite an $8 billion operating loss, investors are targeting a historic valuation for Anthropic's IPO. This shows a market shift where exponential growth projections for leading AI companies are deemed far more important than current profitability metrics, treating them differently from pre-AI era companies.

A simple but worrying indicator for AGI is AI company revenue. If Anthropic's revenue growth continues its current exponential trend for just two more years, it would reach a level ($10 trillion) plausibly associated with having developed AGI, highlighting the speed of progress.

Anthropic's 10x year-over-year revenue growth for three consecutive years is a feat unmatched even by early Microsoft or Google, causing Wall Street to bet on a "singularity" event. This momentum trade rationalizes otherwise astronomical valuations.

Market expectations for AI labs demand persistent 10x year-over-year revenue milestones. Even when an enterprise scales revenue drastically from $1 billion to nearly $10 billion, slight mathematically decelerating percentages trigger outsized market corrections and pullbacks across related semiconductor assets.