Woofun AI reports that SemiAnalysis founder Dylan Patel stated Anthropic achieved positive free cash flow in Q2 with annualized recurring revenue exceeding $50 billion and gross margins above 70%. Patel noted that OpenAI revenue is rising due to Codex adoption, while SemiAnalysis’s own AI spend jumped from under $100,000 to $11 million annually.

Patel identified a multi-year structural memory shortage, noting prices have quadrupled with 2-3x growth potential remaining. He warned that CPU demand includes catch-up effects and will not outpace AI chips indefinitely. Regarding CPO, mass production is delayed until late 2028 due to yield issues, meaning NVIDIA’s Rubin and Feynman architectures will retain full copper solutions. Data center power consumption is projected to add 20GW this year, with solar-plus-storage costs expected to undercut gas within two years.