AI at Discount

Anthropic trades at a 17x EV/NTM multiple despite 165% growth—a 65% discount to Palantir—due to four factors: extreme capital intensity ($6.2B annually for GPU infrastructure), profitability uncertainty in a capital-heavy business model, volatile growth curves that public markets struggle to underwrite, and exogenous AI regulation risk. The discount rationally prices uncertainty in the fastest-growing and most volatile market segment.