Dylan Patel: There is a structural shortage of memory, and CPO production will be postponed until the end of 2028

SemiAnalysis founder Dylan Patel stated that Anthropic achieved a positive free cash flow in the second quarter of this year, with annualized recurring revenue exceeding $50 billion and a gross profit margin of over 70%. The annual AI expenditure of the company's 90 person team has skyrocketed from less than $100000 in November last year to $11 million. Memory is facing a structural shortage that has persisted for many years, and there is still 2 to 3 times the upstream space. The large-scale production of CPO will take until the end of 2028 to 2029, and Nvidia Rubin and Feynman architectures will continue to use the all copper solution. This year, 20 gigawatts of new data center electricity will be added, followed by 30 gigawatts next year and 50 gigawatts the year after.