ANTHROPIC

“this to me is the stock people are going to be like foaming at the mouth to long... I think people are going to be foaming at the absolute mouth to get exposure to Anthropic.”

“The rare collaboration underscores the severity of a concern raised by US AI companies that some users, especially in China, are creating imitation versions of their products that could undercut them on price and siphon away customers while posing a national security risk. And so I was trying to square this question of distillation and model commoditization with the news that Anthropic has reached $30 billion in run rate.”

“The tier 1 lab will have better margins, but the tier 2 lab will be sold out, and probably the tier 3 lab will also be close to sold out. Economic value that the best model can deliver is growing faster than our ability to actually serve those tokens to people via the infrastructure. And so this gap will continue to grow, and the model labs will continue to have expanding margins until people in the hardware supply chain, infrastructure supply chain, are like, wait, no, why don't I just jack up my margins?”

“Where are the best use cases? What are the places where you're telling people, hey, you might have gone too far on the token maxing that way?”

“John, they're saying we need a L'Oréal ad read. From John. Okay. That new hair. Shout out. Well, we're at L'Oréal.”

“this aligns with Anthropic's focus on safety. But as many people have pointed out, it's also just good business. You don't want competitors using your products to directly create competitors.”

“as soon as we see a use case with real ROI, and real revenue to the provider of the service, and you can sort of model what the economics... then we pounce.”

“Anthropic is a good company. They're burning dramatically less cash than OpenAI and growing faster. So I think you have to give Anthropic a lot of credit. And a lot of that is their relationship with Google and Amazon for the TPUs and the Trainiums.”

“And then Anthropic, I've only been on the board for a year and it's a wild story because, you know, it's growing so fast.”

“And the pattern recognition, to answer your question, for me on Anthropic was just reading Dario's essays and listening to him on podcasts.”

“even if you assume all incremental compute they've gotten has gone towards inference, their margins are at a floor of 72%... at the start of the year... 30-something percent gross margins. Where on earth does a business like this grow margins like that?”

“We started the year with about $9 billion of run rate revenue and we ended the quarter with, you know, north of $30 billion of run rate revenue. I mean, that kind of a change is really enabled by these model intelligence leaps and then the products that we build around them.”

“Anthropic clearly has a dramatically lower cost per token than OpenAI. They just do. And you could just see that in the amount of money that they have burned to get to a roughly similar revenue scale. I think they've burned maybe 80% less than OpenAI.”

“You look at Anthropic's revenue growth and the adoption and the usefulness of its products and the anecdotes that you hear about the next generation, you know, Mythos and what that's going to do, you can make a good argument.”

“Alex, you were saying that your highest conviction position is Anthropic right now.”

“companies that are fierce competitors starting to collaborate on AI safety. You may have seen OpenAI and Anthropic”

“It can use the same Lean and same proof to do formally verified software. I think that's going to be a really powerful piece of cybersecurity. That's relevant for all sorts of other AI hacking the world stuff.”

“there's this bizarre 10x per year growth in revenue that we've seen. Right. So, you know, in 2023 it was like $0 to $100 million. 2024, it was $100 million to $1 billion. 2025, it was $1 billion to like $9 or $10 billion.”

“while this year might cost $30 billion, next year it'll cost $3 billion, the year after that $300 million, and by 2030 it'll be less expensive to monitor every single nook and cranny in this country than it is to remodel the White House.”

“by late 2027, or certainly by 2028, there's going to be such wide diffusion that even open source models will be able to match the performance that the frontier had 12 months prior.”

“I think at least this year we're going to see margins for the model vendors go up a lot, right? Because they're so capacity constrained, they have to destroy demand”

“Which is, as we were saying, is sort of unique, a capital that is uniquely ill-suited to be complementary to the production of AI or the serving of AI or to robots or the kinds of goods that the rich will bid up the prices of.”

“So that business, when we invested, was doing about $880 million, which was a 10x growth from the year before.”

“I think there's pretty much uniformity amongst elite AI users that Claude is a much better product now than Open AI. And the models are better, the applications are better, but they're doing it with less”

“the the the product that just came out recently that everyone's kind of going crazy over is the latest iteration of Claude Code, uh, which is, uh, powered by, uh, Anthropic's, uh, Opus 4.5 model, which seems to be a real breakthrough in in in coding... in 2026, you could see that that these types of of tools, again, started as coding assistance, but now they've become personal digital assistance. That could definitely happen this year.”

“I it's undervalued compared to chat GPT. They just added 6 billion in the last month. And I will tell you anecdotally... everyone I talk to is on co-work... Anthropic may actually be fulfilling the promise of AI.”

“Anthropic unquestionably has a lot of financial momentum... I bought a lot more since then, Jason. I bought a lot more since then.”

“I have to acknowledge their products are very good. Everybody seems to say that they have the best coding assistant and they're carving out a very lucrative niche in enterprise.”

“Dario on Dkesh's podcast recently said by 2027, 28, we'll have hundreds of billions of dollars of revenue out of the model companies and the agent companies, and he forecast a trillion dollars by 2030”

“Dario uh CEO of Anthropic said recently in an interview uh that models are specializing... Even within coding, uh Claude Code and Codex have very different capabilities.”

“I would not be shocked if you see Anthropic exiting this year at $80 to $100 billion in revenue.”

“if it's taking Anthropic, let's say one year to 10 X and it's taking Open AI two years to achieve a 10 X, then it's obvious which one's going to win... if they don't catch up soon to Travis's point, then you could see Anthropic taking a lead here that let's say over the next one or two years could be insurmountable.”

“I think they're going to be fine. I think this is a multi-trillion dollar company. I think Anthropic is a multi-trillion dollar company.”

“they grew from roughly 10 billion of ARR to 30 billion, so it tripled. And then in April... They went from 30 to 44 billion of ARR... I think it's pretty much a foregone conclusion that they will hit that forecast of 10X this year, exiting the year at call it roughly 100 billion of ARR... unless something about their current trajectory changes, Anthropic will be the most powerful monopoly ever created in human history.”

“have you seen Anthropic? I mean, it is a rocket ship that will not stop because you can use this product to do these incredible, amazing things.”

“they were EBIT positive per The Wall Street Journal... returns are there”

“Claude is really good at product. Like Claude for Excel is better than co-pilot by not by a little, by a lot.”

“Anthropic is a mystery to me. I've never ever seen a company that is both leading their field and the most negatively outspoken commenter on what they do.”

“Anthropic in particular is scaling like no other company that we've ever seen.”

“the profit pools are in applications, not in models... they're attacking profit pools because that's where the money is going to come from.”