Technology Sector
The technology sector experienced contrasting fortunes as high-profile AI developers and robotics firms achieved rapid growth and public listings, while legacy and infrastructure companies confronted legal troubles and financial strain. Anthropic's annualized revenue reached $65 billion ahead of a potential IPO, and Unitree Robotics surged over 600% in its Shanghai debut. Meanwhile, Meta faces a major federal trial over child safety, and Fermi is struggling with cash depletion alongside federal subpoenas.
Fermi disclosed that the U.S. District Court for the Eastern District of New York and the Securities and Exchange Commission issued document requests regarding its Project Matador data center development and former management. The developer reported holding just over $62,000 in cash and nearly $30,000 in restricted cash at the end of the second quarter, alongside $431,000 in convertible senior notes maturing in 2031. Co-founder and former CEO Toby Neugebauer departed in April and subsequently sued the company over his exit, while the board appointed Lee McIntire as CEO. The company previously lost $150 million in construction funding when an unnamed tenant withdrew from the project. Institutional and insider selling has accelerated, with directors and officers liquidating shares worth a significant amount over a recent period.
Unitree Robotics opened 629% higher in its Shanghai stock market debut on Wednesday, giving the humanoid robot maker a market capitalisation of about 445 billion yuan. The Hangzhou-based firm priced its initial public offering at 150.8 yuan per share before opening at 1,100 yuan on the tech-focused STAR Market, raising roughly 6.1 billion yuan by selling 40.45 million shares. The offering drew intense retail demand, with nearly 9.8 million accounts competing for an online tranche that yielded a final allocation rate of 0.018%. Strategic backers including DeepSeek and Tencent joined state-backed investors in the IPO, which marks the first mainland listing for a humanoid robot maker. Unitree shipped more than 5,500 humanoid robots last year and posted a net profit of 278 million yuan in 2025.
Anthropic reached a $65 billion annualized revenue run rate at the end of July, up from $47 billion in May and $9 billion at the close of 2025. The AI model maker reported preliminary second-quarter revenue exceeding $11.5 billion, marking a sharp rise from $787 million in the same period of 2025, alongside positive adjusted operating income. Driven by enterprise adoption of coding tools and agentic software, the commercial acceleration bolsters preparations for a public debut as soon as this fall. Rival OpenAI recently reported an annualized run rate of $40 billion. Anthropic was previously valued at $965 billion following a $65 billion funding round in May, and prospective listings discussions target a public valuation of $2 trillion or more.