Alphabet is simultaneously an investor, a supplier, an infrastructure owner, a distributor, and a competitor of Anthropic.

Alphabet funds Anthropic, Anthropic buys Google compute, Google books cloud/backlog, Alphabet leads funding on new, absurd valuations on Anthropic fundraising rounds, Anthropic’s valuation increases, Alphabet’s stake increases which contributes to their earnings growth and fuels the “best and raise” machine, then AI/cloud hype continues to build…. This is just one small piece of the circularity between just 1 relationship out of the dozens that are taking place right now. Is the entire trade built on a house of cards? Or does this actually reinforce/ provide protection to the entire trade?