Anthropic submitted a confidential filing to take the company public, marking the latest step by an artificial-intelligence laboratory seeking capital markets access. The confidential filing keeps the company’s business and financial details private until closer to the offering date, a pathway increasingly used by major companies including SpaceX, which is set to go public next week in what is expected to be the largest initial public offering on record. Anthropic recently raised $65 billion in funding at a $965 billion valuation, and the company indicated it is on track to reach $50 billion in annualized revenue this month.
The race toward public markets coincides with persistent hardware bottlenecks. Goldman Sachs analysts said in a June 1 research note that the current memory shortage will last until at least 2028. The analysts wrote that compute capabilities of AI accelerators far outpace the data delivery speed and volume of available memory, making memory bandwidth and capacity the primary constraints on the next generation of AI model scaling. The current capacity addition pace for conventional memory is slower than in prior cycles as memory manufacturers prioritize high-bandwidth memory production, the analysts noted. Goldman also expects memory suppliers to expand long-term agreements with clients to improve demand visibility and capital expenditure planning.
In software, Salesforce’s acquisition of Contentful drew scrutiny from analysts who see the timing as premature. Deutsche Bank analysts said they expected Salesforce to enter the content management space as part of its strategy to expand AI capabilities, but they did not expect content management to be a top priority given Salesforce’s slowdown in commerce and its ongoing reboot of its marketing platform. The analysts projected the deal could add $225 million in annual revenue based on Contentful’s prior confirmed annual recurring revenue commentary from 2024. “We look forward to learning more about how Contentful will fit in with and impact both Salesforce’s Marketing and growth stabilization efforts,” the analysts said. Shares of Salesforce closed up 10%.
Microsoft said it will release the Surface Laptop Ultra later this year, a device powered by Nvidia’s newly introduced RTX Spark chip. Microsoft described the machine as the most powerful PC the company has ever built, positioning it for heavy workloads from creators, developers, and builders of artificial-intelligence agents. “The work from creators, developers and AI builders has a common shape: massive scenes, long compile cycles, local models and datasets that no longer sit politely in the background,” Microsoft said. “We built Surface Laptop Ultra to meet that work without flinching.” Nvidia has said laptops designed to run AI agents using its new chip will carry premium pricing.
Canadian software names extended a rally that began in the United States late last week, fueled by a reassessment of software-as-a-service valuations following upbeat results from Snowflake. Jerome Dubreuil of Desjardins told the market briefing that Snowflake’s performance led investors to reconsider the notion that software-as-a-service companies are disadvantaged in the AI era. “Great results and answer to the first questions on the Q&A showed they were not an AI loser at all,” Dubreuil said, which led many to reassess the “software-as-a-service equals AI loser thesis.” BlackBerry, Descartes Systems, Open Text, Constellation Software, and Thomson Reuters were among the session’s gainers.
Elsewhere, Cogeco Communications took a $1.2 billion noncash impairment charge tied to its U.S. broadband operations under the Breezeline brand. The company said intensifying competition in the U.S. broadband and TV market drove the write-down of goodwill and other intangible assets, noting that subscriber losses in recent quarters have added to the strain. Cogeco said the impairment will not affect day-to-day operations and expects subscriber trends to improve later in the year.
Morgan Stanley analysts upgraded Dell Technologies to equal-weight from underweight, citing Dell’s stronger management of memory and CPU supply shortages relative to peers. The analysts said they had previously expected Dell to struggle with cost inflation but now see the company taking market share due to better access to memory pricing. Enterprise customers are pulling orders forward, and the analysts expect demand will outpace supply as Dell exits fiscal 2027. Dell’s shares have more than tripled this year and hit an all-time high last week.
Citi analysts highlighted the official release of MiniMax’s M3 foundation model, calling it an “important foundation model infrastructure breakthrough.” The analysts noted that the move signals MiniMax’s strategic push to compete at the high end of the AI market, though they added that investors might have hoped the model would also represent a broader intelligence breakthrough. Citi maintained a buy/high-risk rating on the stock with a target price of HK$1,330, while the shares traded last at HK$720.