Opinion
The comically codependent AI capital circle
The Wall Street Journal reports that Anthropic is pacing toward its first profitable quarter on a non-GAAP basis, projecting billions in revenue. However, a deeper dive into recent tech financial reports reveals a "comically codependent" accounting loop: hyperscalers are pumping massive capital into AI labs, marking up their own private equity stakes to book billions in "other income," and watching that exact same cash cycle straight back into their cloud infrastructure buckets as compute fees.