Though the bubble has not popped, I don't see the following discussed in the post: Zitron would probably point out (as have others) that many of the hyperscalers are booking valuation increases in Anthropic, OpenAI as "Other Income", which is substantially increasing their reported revenue and earnings. It's roughly: - Hyperscalers like Goog, Meta, Msft invest cash in Anthropic, OpenAI, in exchange for equity - The o…
Wait are the hyperscalers booking unrealized gains as income? Or are they selling their positions?
https://www.acadian-asset.com/investment-insights/owenomics/...