Industries
Foundation Models & AI Applications
All research in Foundation Models & AI Applications — 3 reports.
49/100
OpenAI Deep Value Investment Research
OpenAI is a powerful frontier AI platform in a vast market, but it remains unlisted, cash-hungry, and governed through a complex structure. The latest private-market valuation of $852 billion already sits inside the optimistic range and requires near-perfect execution, while enterprise competition from Anthropic, negative cash flow until 2029, and heavy compute commitments leave little margin of safety. Research rating Watch: a business worth tracking closely, but not yet a comfortable value-investing entry at the current valuation.
50/100
Anthropic Deep Value Investment Research
Anthropic is an enterprise AI and coding-focused platform company with strong product-market pull and an April 2026 run-rate above $30 billion. The core issue is that its confirmed $380 billion post-money Series G valuation already sits above the optimistic range implied by my DCF work ($250 billion to $360 billion), while its PBC and Long-Term Benefit Trust governance is not purely shareholder-oriented and leaves little margin of safety. Research rating Watch: a high-quality company worth tracking, but not a value-investing buy at the current confirmed private-market valuation.
44/100
Zhipu: A Long-Term Owner's Perspective
China's largest independent large-model company, with 2025 revenue up ~132% to RMB 724 million; yet R&D of RMB 4.1 billion, a net loss of RMB 4.7 billion, and a Reuters price-to-sales ratio of ~554x mean HK$1,040 is paying for an extremely distant, extremely optimistic future with no evidence of free cash flow. Rating: Avoid.