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Friday, October 16, 2026

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@convequity 2 clicks

Convequity on X

Anthropic's $518bn of planned compute obligations is about the same size as $AMZN's entire stack of debt, leases and purchase commitments. Convequity's ABBX barometer adds up borrowings, leases, purchase obligations and leases not yet started for each hyperscaler. On that all-in measure, AMZN and Anthropic are roughly level. 1. Against valuation, the number looks normal. At the $2 trillion valuation being debated, Anthropic's obligations are about a quarter of its value. That is close to $GOOGL's ratio and inside the range of the four big hyperscalers. 2. Against revenue, it is large but not extreme. Anthropic told investors its annualized run rate was above $65bn at the end of July. The obligations are about eight times that, spread over roughly a decade. A run rate is the latest month multiplied by twelve, not full-year booked revenue, and the hyperscalers fund their stacks from large, established cash flows. 3. Reuters reports that about 80% of the obligations are non-cancelable or payable regardless of usage, while many of Anthropic's largest customers are not on long-term contracts. I think the size is about right. It fits a $2 trillion company, and at the July pace Anthropic can grow into it. The risk is in the terms: most of the cost is locked in for years, while much of the revenue can leave at short notice. The number to watch now is how much of Anthropic's revenue is under long-term contract.

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2026.42: Home At Last

Stratechery’s weekly bundle covers Apple HomeView and SpaceX’s cellular ambitions.

AAPL $5T
Stratechery by Ben Thompson – On the business, strategy, and impact of technology. 4 clicks

TSOH Weekly Roundup (10/16/2026)

Bumble agreed to a $1.3 billion take-private deal, while Netflix cut about 1,000 jobs and Meta discussed its Muse superintelligence models.

NFLX $511B
TSOH Investment Research 11 clicks

Is The Market Turning The Page?

CoreWeave’s debt and equity price action is framed as a wake-up call for investors amid a broader market discussion.

CRWV $34B
WHAT ARE WE DOING? “Contrarians At The Gate” 51 clicks

AppLovin Deep Dive

AppLovin rebuilt its ad model with AXON 2.0, lifting LTM revenue to about $7 billion and margins to 77% as Unity competition threatens…

APP $88B
Speedwell Research 25 clicks
LLY · long

LILLY (ELI) & CO

Eli Lilly trades at 33 times this year’s earnings and 26 times next year’s, versus roughly 12 times for big pharma peers.

LLY $1.2T
Value Investors Club 2 clicks

Constellation: Stars Aligning?

Constellation Brands trades near $127 at roughly 11x next-twelve-month EV/EBIT, with recent business results offsetting concerns over…

STZ $22B
TSOH Investment Research 27 clicks

TSMC Q3 FY12/26 Earnings Review

TSMC reported excellent Q3 results, guided Q4 revenue growth higher and saw its shares slip despite strong AI-driven earnings momentum.

TSM $2.3T
Cestrian Capital Research 9 clicks

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