DBS believes Anthropic’s improving profitability and cash flow have strengthened confidence in model economics, but its third-quarter revenue growth slowed noticeably; growth, Bookings and margins at U.S. cloud providers will further test the returns on AI investment.
Nomura believes enterprise AI competition is shifting from model capabilities to the integration of applications and business processes. Meanwhile, ByteDance’s and Alibaba’s revenue advantages in China’s model-as-a-service market come from video generation and large language models, respectively.
Gemini 4 Carbon has widened the benchmark lead of closed-source models, but its current availability is limited; meanwhile, long-term memory contracts and longer tasks are changing the cost structure of AI compute.
Experts surveyed by Goldman Sachs expect the performance gap between Chinese and US models to narrow by mid-2027; Z.AI and MiniMax are increasing annualized revenue through enterprise coding demand and new products, respectively, but R&D spending and price competition continue to affect profitability.
