Nine US companies focused on AI models or products built on them carry a combined valuation of about $2.18 trillion, despite reporting just $22.2 billion in 2025 revenue. The central argument is that investors value the speed and potential duration of growth more than past-year sales. Anthropic illustrates the gap: its $965 billion valuation was about 210 times its $4.59 billion 2025 revenue, but roughly 21 times its stated $47 billion annualised run rate. First-half 2026 revenue reached $16.29 billion. OpenAI reported $13.07 billion in 2025 revenue and a $20.92 billion operating loss; its $852 billion valuation followed a $122 billion funding round. xAI’s $250 billion mark came from its merger with Musk-controlled SpaceX, not an outside investment, making it less straightforward to interpret.
Among companies selling model-powered products, Cognition’s valuation rose to $48 billion alongside a reported $900 million run rate, maintaining a roughly 53-times revenue multiple. Perplexity and Runway were also valued against much smaller, partly estimated revenue. Safe Superintelligence and Thinking Machines had no products or revenue, so their valuations depend on founders, research and hiring potential. Midjourney offers a contrast: it is profitable, reportedly earns hundreds of millions, and has no outside valuation because it has never sold shares. Several founders came from OpenAI, including leaders of Anthropic, SSI and Thinking Machines. The figures also expose risks behind rapid growth: heavy compute costs, large losses and customer concentration, alongside Anthropic’s long-term infrastructure commitments.
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The supplied page contains no article text, so it provides no details to support the headline’s claim that China’s AI bubble has burst. The reasons and evidence behind that claim are unavailable. (finance.yahoo.com)
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President Donald Trump says he will ban the term “artificial intelligence.” He wants the technology called “synthetic intelligence” instead. (thehill.com)
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