Anthropic seems fully committed to winning this race: https://www.anthropic.com/news/higher-li…
The most interesting dynamic here is how competitors in the AI race, Google and Musk, are selling compute to Anthropic.
The logic here is probably that Anthropic would be getting the compute anyway, and they'd rather be the ones selling/controlling it. Another angle is that they're effectively getting a paying customer to bear the cost of debugging their hardware platform.
Alphabet also has equity in Anthropic. So even if Anthropic wins, they might benefit. If Anthropic loses but spends the $200B on TPUs first, Google still wins. Google is positioned to profit from a wider range of outcomes than if it bet purely on Gemini.
Then there is the circular revenue mechanic. The capital that Anthropic raises from Google and Nvidia directly flows back to buy compute from them, which helps their valuation, which in turn funds more capex. The cash is largely round-tripping between investors, labs, and clouds.
