Anthropic's Revenue Jump, The Wealthy Bet on SpaceX

Good morning. Tech is moving markets as Iran and Oman comments keep crude near $89. Anthropic reportedly posted $11.5 billion in second-quarter revenue, roughly fourteen times year-ago levels.

Investor documents suggest Claude is finding enterprise buyers. Its annualized run rate reportedly topped $47 billion in May, versus OpenAI above $40 billion, though those measures are not directly comparable.

Positive adjusted operating income raises IPO hopes—probably not this year, perhaps next—as both race to release frontier models.

OpenAI serves consumers and enterprises; Anthropic appears more focused on Claude for coding, science, and other work.

After 31 years, I see the physical world failing to keep up with the digital one. Bottlenecks are exciting, but don’t get ahead of your skis on beta: GPUs can change fast.

We want second- and third-order beneficiaries without all the leverage: concrete, industrial gases, power, and materials. Physical demand is easier to underwrite. NVIDIA is incredible; AMD offers broad compute with less customer-financing entanglement.

Seat licenses at Salesforce, Workday, and ServiceNow face pressure. Token spending at Anthropic, OpenAI, and Gemini has to displace something.

Stripe’s more-than-$7 billion OpenRouter purchase spotlights who captures AI value. It helps developers optimize across models as usage gets cheaper; I’d expect cash and stock.

Alphabet’s roughly $3.5 billion Australian bond sale is small, but hyperscaler debt demand is global. AI spending is enormous; spreads are tightening, and bonds are backing the buildout.

Filings reveal billionaire family offices in SpaceX, from the Pritzkers to UAE royalty. The $3.8 billion is uneven—Nick Pritzker’s $1.8 billion is a major Musk bet—and 13Fs are snapshots.

China’s chip push is breaking out: CXMT has surpassed Alibaba, Tencent, and Baidu in value. It leads in memory; SMIC leads domestic logic but lacks newest ASML tools.

We’re building Bedrock Operator: sensors, onboard compute, and software turn excavators autonomous. Cameras, LiDAR, NVIDIA chips, and our software deliver precision; three paid sites are doing critical work.

Construction needs data centers, housing, roads, and factories but lacks operators. We retrofit reversibly in hours, helping equipment work beyond one shift and contractors take on more.

Florida’s AI fight pits a super PAC for aggressive state rules against one seeking a light national standard; both back Byron Donalds. Tens of millions make the midterms pivotal.

That’s Bloomberg Tech. Technology is outperforming on Anthropic, while geopolitics keeps oil elevated. Stay with us.