A | 这个时代，变数不断！ 今天，Anthropic最强AI曝出利空。 A dark money group called the Resources Legacy Fund (RLF) that was awarded grant money by the Leonardo DiCaprio Foundation provided funds to a law firm linked to “climate nuisance lawsuits” across the United States, Fox News reports, citing findings made by the watchdog group Government Accountability & Oversight (GAO).,According to the media outlet, GAO managed to obtain emails that were exchanged between major philanthropist Dan Emmett and Ann Carlson, a climate professor at UCLA, in 2017 when they were working with a law firm called Sher Edling to raise money for the firm’s efforts to sue oil companies on behalf of state and local governments.,In their correspondence, Emmett and Carlson mention how Sher Edling’s director of strategic client relationships Chuck Savitt received help from Terry Tamminen in the latter’s capacity (at the time) as CEO of the Leonardo DiCaprio Foundation.,"Chuck Savitt who is heading this new organization behind the lawsuits has been seeking our support," Emmett wrote in one of the emails to Carlson. "Terry Tamminen in his new role with the DiCaprio Foundation has been a key supporter.”,He also forwarded a message to Carlson that Savitt had sent him a few days prior.,"Wanted to let you know that we filed the first three lawsuits supported by the Collective Action Fund on Monday," Savitt wrote in the missive. "These precedent setting cases call on 37 of the world's leading fossil fuel companies to take responsibility for the devastating damage sea level rise - caused by their greenhouse gas emissions - is having on coastal communities.",Con Artists Swindle Woman Out of Over $800,000 via 'Leonardo DiCaprio & Scientology' Scheme12 May, 18:57 GMT,As the media outlet points out, the Collective Action Fund for Accountability, Resilience and Adaptation was managed at the time by the RLF, and two months before the aforementioned correspondence was exchanged, the Leonardo DiCaprio Foundation announced that they would contribute some $20 million in grants to various climate and conservation causes, with one of the recipients of those grants being the RLF.,The said grant was awarded to the dark money group "to support precedent-setting legal actions to hold major corporations in the fossil fuel industry liable," Fox notes, adding that the announcement has since been deleted (although it remains archived).,Between 2017 and 2020, the RLF reportedly provided more than $5.2 million to Sher Edling, with the dark money group’s spokesman Mark Kleinman telling Fox that they had provided grants to the firm so the latter would “pursue charitable activities to hold fossil fuel companies accountable for the accuracy of information they had disseminated to consumers and the public about the role their products played in causing climate change.",Since 2017, Sher Edling has sued major oil companies on behalf of both state and local governments in the United States, alleging that the said companies have "deceived the public about climate change," with most of these lawsuits currently being ongoing, the media outlet adds.。Anthropic旗下最强、定价最高的Fable 5发布逾两个月，但买单者并不多。企业客户对Fable 5的消费支出仅占Anthropic旗下所有产品的11%，成长近乎停滞，甚至遭自家低价模型Opus 5超车。 分析师与Anthropic投资人认为，关键原因在于Fable 5价格高昂，而旧版、较便宜的模型，实际上已足以处理多数企业工作。OpenAI的GPT5.6定价明显低于Fable 5。
B | 好模型的价格起不来，其商业价值、开发前景和大模型现金流预期亦会发生大变化。 Fable 5 是由 Anthropic 于2026年6月发布的大型语言模型，代表了当时其产品线中能力最强、定位最高的旗舰级（Mythos级）AI。它在软件工程、科学研究及复杂推理等前沿基准测试中处于领先地位，但由于价格昂贵、性价比相对较低，在企业端的实际采用率表现平平。
C | 成长动能停滞 据英国《金融时报》报道，支付机构Ramp追踪7万家企业支出数据发现，Fable 5自今年6月初发布以来，企业对其消费支出占Anthropic旗下全线产品的比例仅约11%，且近期成长动能明显停滞。
D | 反观Anthropic自家定价较低、规模较小的Opus 5，自7月底推出后，企业支出已超越Fable 5，显示企业选择AI模型时，正逐渐从单纯追求最强性能，转向衡量价格与实际需求。
E | 近期，大模型的价格战明显加剧。OpenAI的GPT5.6定价明显低于Fable5，其母公司本季迄今年化营收已成长35%，突破400亿美元；另一方面，价格更低的开源模型持续增加，也让企业客户拥有更多选择，进一步压缩美国顶尖AI实验室的定价空间。 Fable5先前还受到政策因素干扰。特朗普政府6月初以国家安全为由，迫使Anthropic暂时撤回模型，冲击公司当月营收成长，直到7月1日获准重新上线。
F | 不过分析师与投资人指出，随着限制解除，政治不确定性对企业选择模型的影响已降低，价格与性能重新成为主要考量。 Accel合伙人Miles Clements表示，大多数企业其实并不需要在最前沿的模型水准上运行，企业客户一味选择最强模型的时代，“并非一个可持续的阶段”。这项转变对Anthropic尤其敏感，因为前沿AI实验室长期投入数十亿美元研发资金，训练规模更大、更复杂的模型，并期待透过顶级模型的高定价收回成本。若企业客户持续转向价格较低、性能“够用”的产品，这套“以最强模型驱动营收”的逻辑可能面临根本挑战。 Anthropic 7月年化营收达650亿美元，高于5月的470亿美元，但低于部分投资人原先预期的800亿美元以上。在Anthropic筹备IPO、外界预期估值可能达2万亿美元以上之际，Fable5的企业采用情况也成为市场观察焦点。 芯片仍在“吸金” 近期，虽然AI利空不断，产业链亦持续调整，但仍有大额资金涌入。半导体股就是AI投资热潮的核心受益者。 根据晨星数据，追踪芯片股的最大杠杆ETF Direxion Daily Semiconductor Bull 3X Shares，在7月及8月前两周吸引近70亿美元资金净流入。该ETF提供纽约证券交易所半导体指数3倍杠杆曝险，涵盖30家美国芯片公司；其间标的指数从高点回落仅20%出头，该基金跌幅却高达70%。 南方东英旗下两倍做多SK海力士一度出现高达86%的回撤，过去六周却仍吸引逾10亿美元资金流入。
G | 另一只追踪闪迪（SanDisk）的杠杆ETF同期也获得3.5亿美元净流入，闪迪股价仅7月就暴跌46%，相关杠杆产品从6月高点至7月低点更一度重挫85%，仍未阻止投资人进场押注反弹。
H | 截至8月12日，今年新成立的杠杆ETF已达303只，逼近2025年创下的324只历史纪录。 巴克莱衍生品研究主管Anshul Gupta警告，流入杠杆ETF的资金呈现极为明显的“逢低买进”特征，但在目前行情下进场，“无异于盲目抄底”。M&G股票首席投资官Fabiana Fedeli也表示，市场泡沫或许已被挤掉很大一部分，但投资人的投机行为并未改变，令人深感不安。
（文章来源：券商中国）。
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