U.S. stock index futures and a range of AI-linked hardware names moved lower in premarket trading on Aug. 18, with weakness showing up across storage and optical communications stocks. According to BIT (Bit.com) market data, the Nasdaq fell 0.32%, the S&P 500 lost 0.52%, and the Dow slipped 0.51% before the opening bell. Among individual names, SanDisk, Seagate Technology, Western Digital, Micron Technology, and SK Hynix all declined, while Corning, Coherent, Marvell Technology, Lumentum Holdings, and Nokia also traded lower.
The move came as markets revisited Anthropic’s reported revenue trajectory. Bloomberg had previously reported that the company’s annualized revenue run rate reached about $65 billion as of the end of July. That figure landed below some third-party data points and optimistic expectations in AI circles that had pointed to more than $80 billion, prompting questions about whether the pace of growth is slowing.
Part of the dispute centers on ARR, or annual recurring revenue. ARR annualizes current revenue pace and is not the same as audited full-year revenue. Sacra said Anthropic’s annualized revenue was about $47 billion in May and rose to $65 billion in July, while also noting that revenue from cloud channels including AWS, Google, and Microsoft may be recognized on a gross basis, a factor that can make the revenue scale appear larger and draw more scrutiny to margins and revenue quality.
U.S. equities traded lower in premarket hours on Aug. 18, with all three major stock indexes in the red, according to market data from BIT (Bit.com). The Nasdaq was down 0.32%, the S&P 500 fell 0.52%, and the Dow Jones Industrial Average slipped 0.51%.
Losses were also broad across storage and optical communications names. In storage, SanDisk (SNDK) fell 4.19%, Seagate Technology (STX) dropped 5.11%, Western Digital (WDC) lost 5.23%, Micron Technology (MU) declined 4.13%, and SK Hynix (SKHY) was down 4.39%.
Optical communications shares also moved lower. Corning (GLW) fell 4.55%, Coherent (COHR) lost 5.76%, Marvell Technology (MRVL) dropped 5.30%, Lumentum Holdings (LITE) declined 5.98%, and Nokia (NOK) was down 3.43%.
Anthropic run-rate figure draws market attention
The market focus shifted to Anthropic after its revenue figure came in below some expectations, leading investors to reexamine the growth pace of the AI sector. Bloomberg previously reported that Anthropic’s annualized revenue run rate reached about $65 billion as of the end of July.
Against a backdrop where some third-party figures and optimistic expectations in AI circles had pointed to more than $80 billion, the $65 billion figure may suggest that the growth slope is easing.
Debate centers on ARR methodology
The dispute is tied to ARR, or annual recurring revenue. In practice, ARR annualizes the current pace of revenue generation and does not equal audited full-year revenue.
Data from Sacra showed Anthropic at about $47 billion in annualized revenue in May, rising to $65 billion in July. Sacra also cautioned that revenue from cloud distribution channels such as AWS, Google, and Microsoft may be recognized on a gross basis. That can make the top-line figure appear larger and increase market attention on gross margin and revenue quality.
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