“The most important numbers in the filing came at the end of the document, where we learned that Anthropic has signed more than $800 billion in future compute commitments, none of which are reflected in the current income statement, but all of which eventually will be.”

…supply side. We need federal legislation and local legislation that says: look, you cannot access federal funds if you do not, or if you create a NIMBY-like situation where it's very hard to issue permits. We need to provide tax credits to developers such that they have greater incentives to build.

…day of trading. The filing shows $16.3 billion in revenue for the first half of the year, up from $1.2 billion a year earlier, and an operating loss that narrowed to around $700 million. Ed ended Wednesday's Prof G markets by looking past the income statement to the numbers on the very back of the

with Broadcom. What it doesn't include, however, are the billions of dollars in capital expenditures, which they are about to register probably to build out their own compute. That's not something I believe because I had a hunch about it. I believe that because they literally told us that in the…

we must treat Anthropic with the appropriate level of caution. It's still a highly risky venture bet. Things could still go spectacularly wrong. What it certainly isn't is a proven safe corporate investment, something that its potentially $2 trillion valuation might suggest. In sum, not much has…

But I think, look, to me, the bigger, bigger, bigger question is: it just seems that there are no moats around this business. I mean, if it's the case that they actually did cut prices by 50%, that would reinforce. The concept that there are no modes and that the only way you're going to gain share…