… Just for fun, we asked Claude to comb the Internet and build a relative ARR chart for OpenAI and Anthropic. Take a gander: These figures mesh with the ones that the Jeffries folks have been tracking, which is the only reason we let Claude build the chart. …
… They co-design and optimize their hardware and software stacks, wringing the best bang for the buck out of that iron so they can afford to make it at scale and then rent capacity on their infrastructure at a profit. …
… And while Nvidia is the dominant full stack player out there when it comes to hardware, which is why its revenues and profits have exploded, Nvidia’s Nemotron models are not anywhere as popular as Google Gemini, OpenAI GPT, or Anthropic Claude. …
… That spread between backlog and capex is getting wider, and that may be an effect of longer deals for cloud capacity being on the books. …