85% of AMZN's quarterly net income came from Anthropic stake appreciation, sparking circularity debate
aronchick · x · 2026-10-30
Pegasus WML notes 85% of AMZN's last-quarter net income was the valuation jump in Anthropic, with $180b in Anthropic equity held. Per Barclays, 45% of AWS AI revenue is Anthropic and 28% OpenAI; lab sales pushed AWS ML prices up 20% in June and 15% in January. aronchick pushes back that FCF obsession is misplaced — big tech can simply pause datacenter builds — and says he's buying.
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