Jukka Lepikkö wrote that AI stocks were, in his opinion, mispriced because the analysts following them did not understand reality. He mentioned that a Nomura analyst estimated that one gigawatt of data center capacity would generate $20 billion in sales for Anthropic. According to Lepikkö, the correct figure would be about $80 billion per gigawatt: he justified his estimate by noting that 25 percent of Anthropic's 5 gigawatt capacity, or 1.25 gigawatts, was used for inference and total sales were $100 billion. Lepikkö estimated that Anthropic would increase its computing capacity by 7 gigawatts next year. He said it was unclear how much of the new capacity would be used for training and how much for inference, but he assumed that the share for inference would be larger than it is now. If one third of the additional capacity were allocated to inference, it could, based on his $80 billion per gigawatt estimate, generate $185 billion in new revenue. In this case, Lepikkö suggested that Anthropic's ARR could be nearly $300 billion by the end of 2027. #AI #Osakkeet #Teknologia (translated)