0153 GMT - Potential initial public offerings of artificial intelligence companies such as DeepSeek and Anthropic could create near-term liquidity headwinds for already-listed AI names like Z.AI, says UOB Kay Hian's Julia Pan in a note. The new listings could divert investor capital away from existing listed names as investors reassess relative growth, monetization and valuations, the analyst says. Still, the near-term dilution could be offset by a stronger valuation read-through from these potential IPOs, she adds. She notes Anthropic is targeting a potential valuation of up to $2 trillion, equivalent to around 20X its estimated $100 billion 2026 annualized revenue run rate, versus Z.AI's roughly 18X. A successful IPO at Anthropic's valuation could establish a higher valuation benchmark and support a broader sector rerating, she adds.