This week, the AI stock crash wasn't due to "lack of profitability," but rather "a potential cash crunch"—Meta increased its capital expenditure to $135-145 billion and plans to raise new shares, CoreWeave bonds fell into credit distress, and SoftBank's market capitalization halved from its June peak. The market's panic stems from a vicious cycle: AI is burning through cash at an increasingly rapid pace, while financing channels are narrowing, raising concerns about running out of funds halfway through the burnout. Anthropic's formal IPO application (ticker symbol ANT) at this critical juncture effectively tells the market that the public market's money supply is still open, that cutting-edge AI companies are willing to lay bare their assets for SEC scrutiny, and that the primary market is willing to take over—the restored financing channels and a stable valuation anchor transform the fear from an "unknown cash-burning black hole" into a "priced asset," leading to a 0.82% rebound in the Nasdaq on Monday. But a word of caution: applying for listing ≠ going public. It is still losing money, and the loss figures in its S-1 report may be a double-edged sword. The real confirmation of the AI narrative will come from the financial reports of Microsoft, Google, Amazon, and SK Hynix in the next two days – the primary pricing sets the anchor, while the secondary financial reports determine its fate.