Gary Marcus: With Q3 data added, Anthropic's compute-efficiency growth shows deceleration
GaryMarcus · x · 2026-10-27
Gary Marcus contrasts two charts of Anthropic's revenue per dollar of compute: Altimeter's Brad Gerstner shared a version through Q2'26 showing a steady rise (0.40x to 2.08x, $11.6B revenue vs $5.6B compute spend), while Billy Lo extended it with public Q3'26 data showing the ratio falling back to 1.70x ($16.8B vs $9.9B).
Marcus argues Q2 marked peak "tokenmaxxing" and Q3 begins a decelerating post-tokenmaxxing regime, noting the draft S-1 omitted Q3 figures — without them, he says, you can't have a realistic picture of Anthropic's prospects.
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