Weekly Roundup: The AI Trade Got Smacked. We’re Following the Data, Not the Fear
We put capital to work in two holdings, exited another and bumped up our price target for a long-time position.
Keep an Eye on This…
Reuters is reporting that in a letter to CEO Dario Amodei, New York City Comptroller Mark Levine urged Anthropic to delay its U.S. IPO until it addresses concerns about safety, governance and the pace of development.
As for why the NYC Comptroller speaking up is something to pay attention to… how about because the position oversees the city’s finances, manages its pension funds and acts as a watchdog over public spending and financial practices. That means it oversees ~ $325 billion in assets.
So far, Anthropic has yet to respond but as it gets ready for its IPO roadshow in less than month, no doubt the comptroller’s letter will come up during Q&A sessions, if not sooner.
For us over at the Pro Portfolio, our position in Morgan Stanely ($MS), lead underwriter of the offering, means we will be tracking the timing and ultimate size of the offering very closely. We’ll also be watching to see if others follow in the NYC comptroller’s footsteps.
Position: The Pro Portfolio is long MS
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