SAN FRANCISCO — The U.S. artificial intelligence industry is entering another potentially transformative phase as Anthropic advances plans for a possible public offering and forecasts enormous future revenue growth.

The AI company is projecting $190 billion to $200 billion in revenue by 2028, a figure that has helped boost investor enthusiasm across technology markets. Reuters reported that the forecast is being closely watched ahead of Anthropic's potential IPO.

The optimism is spreading beyond individual AI companies. Technology stocks and semiconductor companies have benefited from expectations that demand for AI computing will remain strong, with investors increasingly looking for businesses that can generate long-term returns from the enormous infrastructure spending behind the technology.

At the same time, the scale of the forecasts is raising questions about AI market valuations. An ECB analysis published Monday warned that excessive optimism could eventually contribute to a correction in U.S. technology stocks if valuations become disconnected from sustainable earnings.

For Silicon Valley, the next challenge is therefore moving beyond rapid AI adoption toward proving that massive investments in chips, data centers and AI models can produce equally massive and durable revenues.

Anthropic’s forecast highlights both sides of the current AI story: extraordinary growth expectations and growing scrutiny over whether those expectations can ultimately be justified.