Ed Zitron: Anthropic's S-1 reels investors in as exit liquidity with $430bn in unstarted contracts
GaryMarcus · x · 2026-10-29
Tech critic Ed Zitron's long-form piece "Exit Liquidity" argues Anthropic's S-1 filing uses an anomalous quarter to lure investors, while the company itself discloses that costs will grow aggressively as margins decline.
- $430bn in non-cancellable contracts have yet to start hitting
- He cites Apollo chief economist Torsten Slok's data: AI has delivered zero financial payoff outside tech — revenue per worker, margins and productivity growth are flat for the S&P 493, and mainstream corporates now view token spending as a cost center rather than growth
A systematic bear-case critique of AI bubble economics.
Related event: Ed Zitron Slams Anthropic's S-1 as Deliberate Deception(2 posts)→
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