Anthropic has unveiled its financial data in the lead-up to its IPO, revealing that its revenue for the third quarter hit $16.8 billion, marking a roughly 46% increase from the previous quarter and achieving adjusted profitability for the second quarter in a row. Nevertheless, its revenue growth rate has decelerated compared to the first half of the year, with the current annualized revenue standing at approximately $74 billion, significantly lower than the over $100 billion anticipated by some investors. Despite this, the company remains optimistic, projecting its annualized revenue to climb to $110 billion by the year's end. The primary factors contributing to the slowdown in revenue growth include the introduction of OpenAI's new model, key clients transitioning to in-house developed tools, competitive pricing from open-source models, and Anthropic's deliberate decision to limit revenue from high-proportion model distillation. During the same timeframe, OpenAI also shared its financial results, with annualized revenue nearing $50 billion by the end of September, falling short of the market's prior forecast of $70 billion. The revenue disparity between the two companies is largely attributable to their distinct revenue recognition approaches. As the revenue of these two premier AI model companies failed to meet expectations, related assets across the global AI industry chain underwent a collective realignment. In the U.S. stock market, share prices of chip and computing infrastructure firms generally witnessed a notable decline, while domestic indices like the STAR 50 also moved lower in tandem. The market has started to voice concerns regarding the commercialization prowess of leading AI companies. Concurrently, escalating inflation and anticipation of interest rate hikes have driven up financing costs, disrupting the industry chain's previous valuation rationale, which was predicated on expectations of substantial capital expenditures by AI companies. The AI sector has officially entered a financial verification phase, focusing on actual revenue, profits, and cash flow, with the market poised to reevaluate revenue growth, the viability of capital expenditures, and valuation benchmarks throughout the AI industry chain.