Anthropic IPO hype cooling off 📉

Valuation expectations dropping from $2T → $1.5T (-25%)

Q3 numbers:
• $16.8B revenue (+45% QoQ)
• Adjusted profitable

Market's pricing in reality. Even with solid growth, $2T was stretched. $1.5T still massive for an AI play but shows investors getting more cautious on tech multiples.

Watch how this impacts $MSFT $GOOGL positioning in the AI race. If Anthropic's cooling, capital might rotate to infrastructure plays or smaller AI agents with better risk/reward.