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The business logic of UK breeding company Genus runs counter to intuition: it does not seek to raise more animals, but rather believes that fewer is better. According to Milena Mileva, investment manager at Baillie Gifford UK Growth Trust, in an on-site visit report written in November 2026, PIC (Pig Improvement Company), Genus's pig breeding subsidiary, operates core nucleus farms with high biosecurity isolation in Nashville, Tennessee. These farms house the apex of the global porcine genetic pyramid. Farmers access these elite genes by purchasing breeding stock or semen, while Genus's revenue comes from royalties collected as the genetics cascade through partners, multiplier farms, and large-scale producers.

The core mechanism of this model lies in data compounding. Mileva wrote: 'Genetics is a numbers game: more animals, more data and more generations give an R&D leader a compounding advantage.' This means that for every additional generation of data accumulated by first-movers, the cost for latecomers to catch up increases. Since its spin-off from the breeding and production arm of the UK Milk Marketing Board in 1994, Genus has expanded this compounding engine to both pigs and cattle through the 1999 acquisition of US bovine breeding company ABS and the 2005 acquisition of PIC, serving customers in over 80 countries.

PRRS-resistant pigs represent a critical step in taking this model from the laboratory to the marketplace. Porcine Reproductive and Respiratory Syndrome (PRRS) causes billions of dollars in productivity losses for the global pig industry annually. PIC spent over a decade developing a PRRS-resistant pig strain; last year, the US Food and Drug Administration (FDA) approved this gene edit, which Mileva called 'a major milestone towards commercialization.' At the Madison R&D center, she saw a red corporate flag signed by project team members, celebrating this regulatory breakthrough. However, commercialization is not yet complete: approvals in export countries are still underway, and customer willingness to pay remains to be verified.

China is viewed as Genus's greatest growth opportunity. Chinese consumers account for roughly half of global pork consumption, but the farming structure is transitioning from millions of smallholders to large, modernized farms. Mileva believes Beijing is supporting this modernization process; larger, professional farms are more likely to pay for long-term productivity gains, whereas smallholders are less concerned about genetic improvements that take several generations to yield returns. Genus's strategy is not to export live pigs to China, but to build a local genetic supply chain, collecting fees for the use of genetic technology through localized operations. The 2018 African swine fever outbreak caused approximately $100 billion in losses, exposing vulnerabilities in disease control under the smallholder model, but Mileva attributes the growing demand for genetics to policy-driven scale consolidation rather than the epidemic itself.

The boundaries of this argument warrant attention. Mileva acknowledges that the scale of the Chinese market is difficult to assess accurately—quoting PIC Chief Operating Officer Matt Culbertson saying 'nobody knows how many pigs there are in China.' The dividends of genetic improvement take several generations to materialize, contributing limited revenue in the short term. Breakthroughs in African swine fever resistance may not arrive until the 2030s. Furthermore, as an investment manager holding Genus stock, Mileva's visit reports naturally carry a portfolio perspective, and her judgments are not independently verified by third parties.

US-based AI company Anthropic kicked off its Initial Public Offering (IPO) roadshow on November 10, disclosing key third-quarter financial metrics and compute strategy details on its official page. As of September 30, 2026, Anthropic reported quarterly revenue of $17.0 billion, representing over 12x year-over-year growth. However, the company posted a net loss of $23.3 billion, which includes a $21.9 billion non-cash charge related to changes in the fair value of convertible notes, derivative liabilities, and SAFEs due to increased valuation. The adjusted operating margin stood at 15%, while the actual operating margin was negative 3%.

Regarding compute infrastructure, co-founder Tom Brown outlined the concept of "total effective compute"—defined as physical capacity multiplied by discovered "compute multipliers"—in the roadshow video. He revealed that when Anthropic began working with AMD GPUs this year, it utilized an AI agent called Mythos to handle the porting process. According to Brown, Mythos enabled Claude to run on AMD hardware in just three days with virtually no human intervention, with Claude writing or porting nearly 100% of the kernels. This case serves as concrete evidence validating the feasibility of their multi-chip strategy, which had previously been considered costly due to the need for tailored software stacks for each chip type.

Additionally, Anthropic emphasized that its compute efficiency has improved by more than 4x since Q1 2025. These disclosures aim to demonstrate engineering capabilities and cost control mechanisms in heterogeneous computing environments to investors ahead of the planned Nasdaq listing under the ticker symbol "ANT".