Kevin Smith's Cautious Outlook in OpenAI & Anthropic as AI CapEx Climbs

Stalling earnings growth for companies like OpenAI is a strong warnings sign for Crescat Capital's Kevin Smith. He believes there's appetite for OpenAI and Anthropic, though both companies' valuations keep Kevin from being a bull on either. So, how should investors fearful of valuations and ballooning CapEx position for the current market environment? Kevin says his firm is utilizing put options.

Morning Movers

22 Oct 2026

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