Artemis Analytics argues that Anthropic’s edge is not limited to frontier models. In its latest research, the firm says the company is building an enterprise AI stack with the kind of lock-in that once turned Amazon Web Services from a disputed cost center into the dominant cloud platform. The report says Anthropic reached $65 billion in net annual recurring revenue in July 2026, up 15x year over year, and projects ARR of $275 billion by the end of 2027, a level it says would surpass AWS. The thesis rests on a few operating questions: whether Anthropic can keep hiring top researchers, whether it can secure enough power at acceptable cost, and whether it can maintain premium API pricing. Artemis estimates monthly net new ARR at $10 billion to $15 billion, says 90% of ARR comes from API sales, and argues investors should focus on net ARR after subtracting revenue shares paid to AWS, Gemini, and Microsoft. The report also lays out risks, including rising competition from OpenAI Codex and Astra, low switching costs across model providers, and the possibility that application-layer products reduce dependence on Anthropic. At the same time, Artemis includes extensive conflict disclosures, noting that the author may hold Anthropic exposure through an SPV, that Artemis is an Anthropic customer, and that none of its forecasts or valuation scenarios are verified by Anthropic.

Artemis co-founder Jon Ma has issued a public statement urging Robinhood to steer away from making memecoins the center of Robinhood Chain and to focus instead on real-world assets, or RWA, and tokenized stocks. In the letter, Ma directly addressed Robinhood founder Vlad Tenev and internal executive Johann, saying he has been involved in Robinhood’s IPO financing since 2019 and does not want to see the company repeat what he described as the path taken by Coinbase’s Base network: rising on memecoins and later being hurt by them. Ma said Robinhood Chain has posted strong early metrics, but argued that trading on the network is now too concentrated in assets he sees as lacking long-term value. He also said an overreliance on memecoins could weaken trust among retail users, damage Robinhood’s brand with Wall Street and hedge funds, and distract the company from products such as the Robinhood wallet, the Arcus decentralized exchange ecosystem, tokenized equities, stablecoins, prediction markets, and pre-IPO stock access for global investors.