Michael Nadeau

So

You know, these are this is where the bubble is starting to concentrate in different parts of the AI stack.

We've seen Mag7 a little bit, you know, less participation there.

And, you know, the rest of the market is kind of lagging, lagging behind.

Yeah.

So, you know, all that demand, you know, and I think 80% of Anthropix revenues are enterprise revenues.

So almost every major company is integrating AI into their systems.

They're doing this, you know, they're not just using these things.

They're integrating that inside like a sort of walled garden within their businesses.

But basically what I think is happening is everybody is rushing to integrate this right now.

They see the potential for this technology and how it can help them improve margins, improve efficiency.

So everybody's rushing in.

That's, you know, subscriptions, APIs, software.

All that's mostly flowing to the models and the application layer that's

OpenAI, that's Anthropic, that's Perplexity.

So most of that's going into those companies.

This is where things get interesting.

Those are the businesses that are not profitable.

We know that Anthropic is scaling revenues aggressively.

I can't remember what the latest that they reported is, but it might have been a $30 billion annual run rate that they've already achieved, which is incredible.