Anthropic's revenue growth stalled in August and September
Anthropic's growth just flattened
Anthropic told investors it booked $16.8 billion in Q3 revenue, up 45% from Q2 — but that quarter added less in absolute dollars than the one before. Monthly estimates point to a sharper stall: after hitting a $65 billion annualized run-rate in July, the company appears to have grown only modestly through August and September. The author argues this may explain why neocloud stocks like CoreWeave are tumbling, and could signal that AI spending growth is starting to moderate.
Every bubble ends when supply begins to catch up with demand. Anthropic's apparent slowdown suggests we may be closer to reaching that moment.