$ZM the most asymmetric bet on Anthropic/AI. You get the core business basically for free

I know, I know. "Zoom? That's a 2020 pandemic relic, right?" That’s exactly what the market wants you to think while it ignores one of the most insane valuation disconnects in tech right now. If you look at the math, $ZM it’s a massive pile of cash and a "hidden" AI moonshot that the market is valuing at almost zero. Most people don’t realize Zoom was an early strategic investor in Anthropic back in May 2023. The Entry: Zoom invested roughly $51M when Anthropic was valued at just $4.5B. The Current Reality: As of this week (April 2026), Anthropic’s implied valuation on secondary markets (like Forge Global) has touched $1 Trillion, officially overtaking OpenAI. The Math: Even accounting for heavy dilution from Anthropic’s massive Series G and recent funding rounds, a \\\~1% stake in a $1T company is worth $10 Billion. 2. The $8B Cash Fortress Zoom is sitting on $7.8 Billion in cash and short-term investments with zero debt. They generate roughly 1.7B - $1.9B in Free Cash Flow (FCF) annually. They aren't burning money to grow; they are a cash-printing machine that just happens to have a video app. 3. The "Free" Business Logic Let’s do the "back of the napkin" math on the valuation: Current Market Cap: \~$25 Billion Minus Cash: -$7.8 Billion Minus Anthropic Stake (Estimated): -$10 Billion (conservative adj. for liquidity) Remaining Enterprise Value (EV): $7.2 Billion The market is saying Zoom’s core business—which generates $5 Billion in annual revenue and has 75%+ gross margins—is only worth $7.2B. That is an EV/FCF multiple of roughly 3x For context, legacy "dying" businesses usually trade at 8-10x. Zoom is being priced like it's going bankrupt tomorrow, despite having a massive enterprise moat and a dominant seat at the AI table via their Claude integration. 4. The Catalyst: The "AI Proxy" Play As Anthropic prepares for an IPO (rumored for late 2026), investors are going to look for ways to get exposure. You can't buy Anthropic on yet but you can buy the company that owns a multi-billion dollar piece of it. When the market realizes they are essentially getting a global enterprise software leader for a 3x multiple—plus a lottery ticket to the world's most valuable AI startup—the re-rating is going to be violent. TL;DR: You’re buying $17.8B in "hard" assets (Cash + Anthropic) for $25B. You’re paying $7B for a business that nets $1.7B a year. It’s a crazy margin of safety. Not financial advice. I like the stock and the math.