AI Firm Anthropic Plans to Double Computing Power to 10 GW Next Year; Goldman Sachs Sees S&P 500 Rising 14%

Anthropic Plans Massive Expansion of Computing Capacity

The AI investment chain has received significant news. According to reports, the trillion-dollar AI giant Anthropic plans to have approximately 5 gigawatts of available computing power by the end of this year, and expects to double that capacity by the end of next year.

Chip Stocks Surge on Friday

In U.S. markets on Friday, chip stocks rallied sharply in the final minutes of trading, with the Philadelphia Semiconductor Index rising 2.78%. Memory chip stocks led the gains:

• SanDisk surged 10.99%, pushing its market capitalization to $262.4 billion (approximately RMB 1.76 trillion)
• Seagate Technology rose nearly 7%
• Micron Technology gained nearly 4%

Other chip stocks also performed well:

• NVIDIA rose over 1%
• SK Hynix gained over 2%
• ARM climbed over 4%
• Broadcom rose nearly 3%

Goldman Sachs Forecasts S&P 500 to Rise 14% Next Year

U.S. stocks have once again received institutional support. Goldman Sachs strategists stated that the S&P 500 will rise 14% to 8,700 points next year, driven primarily by earnings growth rather than valuation expansion.

Goldman Strategists Dismiss "Earnings Bubble" Concerns

Goldman Sachs strategists said that the sharp increase in U.S. corporate earnings is backed by a strong economic outlook and the AI boom, suggesting that concerns about an "earnings bubble" are overstated.

According to data compiled by Bloomberg Intelligence, profits of S&P 500 component companies grew approximately 30% in both the first and second quarters of this year, marking one of the best performances on record. Full-year earnings expectations have also reached their highest levels since the post-COVID economic rebound in 2021.

Although this growth rate suggests companies are "over-earning" amid a surge in AI investment, the Goldman team led by Ben Snider said they expect profit growth to slow in the coming years rather than collapse entirely.

Snider wrote in a report that market pricing reflects expectations of continued earnings growth, but also shows reasonable skepticism about the sustainability of current profitability.

Since hitting an all-time high in August, U.S. stocks have struggled mainly due to inflation concerns. Despite analysts raising earnings expectations, S&P 500 valuations have declined. Bloomberg Intelligence data shows that market consensus continues to project healthy profit growth of 19% in 2027 and 17% in 2028.

Goldman's forecast of 11% growth for next year is slightly conservative. The strategy team said that while capital expenditure continues to grow, they expect the momentum from AI investment to begin weakening in 2027. Snider noted that margin expansion for semiconductor-related companies may also slow next year.

Snider predicts the S&P 500 will rise 14% to approximately 8,700 points next year, driven primarily by earnings growth rather than valuation expansion. Snider was one of the most bullish market forecasters at the start of the year, accurately predicting that strong earnings growth and AI adoption would offset the impact of rising oil prices and interest rate hikes, sustaining the bull market.

Meanwhile, Bank of America strategists including Jared Woodard and Michael Hartnett warned that investor positioning remains overly bullish given the outlook for slowing profit growth. Citing EPFR Global data, Bank of America noted that U.S. equity funds attracted nearly $640 billion in inflows this week, a three-month high.

AI Investment Sees Major Developments

According to multiple media reports, Anthropic had approximately 1.5 gigawatts of available computing power last year, compared to OpenAI's approximately 2 gigawatts. Sources said the AI lab told investors it plans to have about 5 gigawatts of available computing power by the end of this year, and expects to double that by the end of next year.

According to people familiar with OpenAI's estimates, this is broadly consistent with OpenAI's plans: approximately 5 gigawatts this year and about 10 gigawatts next year.

Anthropic is intensively pursuing multiple partnerships. The company has agreed to lease computing power from SpaceX at a monthly cost of $1.25 billion, with the agreement lasting through May 2029. The AI lab is also currently in talks to lease computing power from Meta, with a potential two-year deal valued at up to $10 billion.

U.S. Manufacturing Output Unexpectedly Declines

The latest data shows that U.S. manufacturing output unexpectedly fell in August, as manufacturers face rising input costs and cooling production of business equipment. Federal Reserve data released Friday showed manufacturing output fell 0.3% month-over-month in August, compared with economists' median forecast of a 0.3% increase.

Market Focus Shifts to Interest Rates, Middle East Tensions

Next week, U.S. stock investors will focus on interest rate trends, Middle East tensions, and renewed calls to slow AI development, while weighing whether stock indices can reach new highs. The market will continue to digest the Federal Reserve's 25-basis-point rate hike announced Wednesday.

Several Fed policymakers are expected to speak next week. Given that Fed Chair Kevin Warsh has explicitly stated his reluctance to provide forward guidance on the rate path, any clues about the current rate hike cycle plan will be particularly valuable.

In recent weeks, U.S. stock market movements have been influenced by rising Treasury yields and surging oil prices amid escalating Middle East conflict. ING strategists now expect the Fed and the European Central Bank to each raise rates by 25 basis points in December, as policymakers aim to prevent energy price increases from feeding into broader inflation.

A team of strategists led by Carsten Brzeski wrote in a Friday research note: "Both central banks are facing a supply-side shock from surging energy prices, which for now has limited knock-on effects on the broader economy." The ECB will implement a "defensive rate hike" to 2.75%, while the Fed will raise rates to 4.25% and focus more on bringing inflation back to the 2% target.

Editor in charge: Zhan Heng Layout: Liu Junyu Proofreader: Ran Yanqing Illegal and harmful information hotline: 0755-83514034 Email: bwb@stcn.com

Disclaimer: The above content (including images and videos if any) is uploaded and published by a user of the NetEase Hao self-media platform. This platform only provides information storage services.