No. 4 · 2026-10-29
Anthropic's Six-Month Product
Most of Anthropic's revenue comes from models less than six months old, and most of the computing power behind them is typically ordered a year or more ahead. That gap between two clocks shapes the strategy in its S-1, and Nvidia lives by a similar one.
Deep Dive No. 1 · 2026-10-26
Who Is Really Paying for AI?
The AI build-out is mostly not being paid for with venture money. Five companies are paying for most of it out of their own cash. The risk sits somewhere else: in who has promised to pay them back, and who has guaranteed the promise.