Anthropic's IPO Filing Reveals Big Tech Is Now One Giant Company
Why Anthropic's Filing Crushed Tech Stocks
Anthropic's S-1 mentions Amazon over 150 times and Google more than 100 — far more than any normal IPO filing. Amazon, Google, Microsoft, and Broadcom are simultaneously investors, lenders, suppliers, distributors, and competitors. Google alone carries a $117 billion unrealized gain tied to one private company. This interlocking web explains why tech stocks now rise and fall together, and why rivals have little incentive to compete.
In essence, Anthropic looks less like a stand-alone business and more like four monopolies in a trench coat.
- bagacrap
Anthropic didn't lose $80B. Some complex securities tied to their stock went up in value by $72B, which they have to count as a loss, even though it's not cash out the door.
As far as Google's mark to market profit on Anthropic shares, everyone realizes that's not a sustainable source of income. Which is probably one reason why it's trading at about 15 times profits. If you back out the $99B of (unrealized) equity gains in anthropic and others, Google is trading at 25 times the last 12m earnings.
- NBJack
The tech blowout had little to do with Anthropic's filing.
The numbers from multiple companies show a high CapEx investment in a product that has yet to be proven as profitable as the very things it is hurting (i.e. ads). End of story.
- dangoodmanUT
If they're referring to the recent tumble, I wouldn't suggest anthropic incited that
coreweave did
i'm sure ant didn't help, but thanks for the fire sale i guess
- feverzsj
It's just the beginning. The real collapse will happen right after midterm.
- phyzome
Boy, people sure do love turning data points into stories.