POPA ReconAm I Meant To Be Impressed?
Am I Meant To Be Impressed? 1. Hyperscaler AI revenue is pathetic relative to capex, and almost entirely sourced from two customers • Microsoft's $37B AI run rate is ~1% of its $293B AI capex • Amazon's $15B run rate is ~0.4% of $298B • Estimates OpenAI accounts for 70%+ of Microsoft's AI revenue and 80%+ of its AI compute, while Anthropic accounts for 80%+ of Amazon's AI revenue and 75%+ of its compute 2. The whole structure is circular financing dressed up as demand • Google/Amazon invest in Anthropic → Anthropic spends it on Google/AWS compute → hyperscalers book it as "AI revenue" and us…
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