Anthropic's financial report for 2025 has also been revealed. The situation is not just good, it's very good. Anthropic's total revenue for the year is $4.5 billion, a 12-fold increase, with a gross margin of 40%. Research and development, marketing, and management expenses totaled $7 billion, resulting in an operating loss of $5.2 billion. The metric I value most is the loss-to-revenue ratio, which Anthropic has kept at 1.15x, better than OpenAI's 1.63x.

Anthropic CEO Dario Amodei has once again made headlines at the 2026 World Economic Forum in Davos. - Chinese models have never really caught up; they are specifically optimized for benchmarks and it's easy to optimize for a limited set of scores. - In the enterprise market for Claude, the competitors are OpenAI and Google, and they have never lost a deal to Chinese models.

The shortage of CPUs has fully erupted. - The ARM CPU used in NVIDIA's Blackwell has a serious CPU bottleneck, and Rubin has significantly increased the number of CPU cores and hyper-threading. - NVIDIA will open Intel x86 CPUs as NVL72 interconnect cabinets. - The call volume of the Agent cloud sandbox mechanism has surged, and cloud instance business has skyrocketed.