“What we're looking at, broadly, is that Anthropic has been guiding, we've heard, to revenue of about $200 billion in the year 2028. So even if it's spending $100 billion a year on compute, the revenue still exceeds that. The question, of course, is whether you believe it can hit any of these numbers, or whether these numbers will start to look small the closer we get to those deadlines.”

Hey, Ed. Well, look, we do know that the compute bill over the next years is going to be very big. We already knew it was going to be quite big. Being able to put this new number on it, $900 billion, I mean, sounds enormous. That may also change as we go forward. It may get bigger. But the revenue is also growing really quickly. As you said, it slowed this quarter to about 1,100% growth year on year, which slowed from like 1,400%. I mean, these numbers are completely unhelpful, basically, because these growth rates are so high. And extrapolating exactly how much growth we're going to see next year is really, I mean, I think it's a fool's errand. What we're looking at, though, broadly is that Anthropic has been guiding, we've heard, to revenue of about $200 billion in the year 2028. So even if it's spending, you know, like $100 billion a year on compute, the revenue still exceeds that. The question, of course, is whether you believe it can hit any of these numbers or whether these numbers will start to look small the closer we get to those deadlines.