The Anthropic deal reveals the circular economics explicitly. Investment contracts ARE purchase agreements.
Update, 26 Oct: Anthropic’s S-1 shows the filed numbers.Anthropic’s S-1 puts the Microsoft commitment at at least $44.9 billion from November 2026 to May 2033, regardless of usage, under an agreement signed in November 2025 and amended in February and October 2026. It says access to NVIDIA GPUs, including Grace Blackwell and Vera Rubin systems, comes through its NVIDIA partnership plus Microsoft, SpaceXAI, Nscale, Lambda and other clouds. More: the compute-commitments piece.
Capital flows to Anthropic. Hardware orders flow to NVIDIA โ as explored in the economics of AI compute infrastructure โ . The circularity is structural, not incidental.
This pattern repeats across the portfolio. Every foundation model company NVIDIA backs becomes contractually obligated to buy NVIDIA hardware. The investment isn’t an expenseโit’s demand creation with a multiplier effect.
Gennaro Cuofano is a CRO and tech executive who has worked in AI since late 2015, starting with bringing NLP, natural-language generation, voice and chatbot products to the marketing industry. His background is in law and finance: he holds a Master's degree in Law and an International MBA with an emphasis on corporate finance (LUISS Business School and the University of San Diego, 2012), and worked as a financial analyst at a real-estate investment firm in San Diego and as an assistant controller. His work focuses on business model strategy, business engineering and, more broadly, structural analysis: how companies make money, read from their own filings. He created FourWeekMBA and leads research there and at The Business Engineer, his newsletter on AI and business strategy, with over 95,000 subscribers and more than 1,000 published analyses. His writing has also appeared on Entrepreneur (for example, How to Digitize a Family Business in Europe) and HackerNoon. Find him on LinkedIn and Substack. See how we source.
