Anthropic just signed a $35B cloud agreement with Lambda, an Nvidia-backed provider. The structure is what makes this one interesting for $HUT → Hut 8 is developing the data center in Nueces County, Texas. The numbers for $HUT haven’t been provided/confirmed yet. → $NVDA secured the capacity with Hut 8 a few weeks back, and reportedly holds the lease → Lambda plugs Nvidia chips into that facility to serve Anthropic → Nvidia is also an investor in Lambda So Nvidia sits at nearly every layer here. The chip supplier, lease-holder, and equity backer of the cloud provider. The bears might run with the circular part here. This is the second mega-deal in a week. It follows the $45B Nscale agreement (460MW, Vera Rubin chips, West Virginia), and stacks on top of Volta ($10B), $AMD (5B), $SPCX (~$1.25B/mo), plus expanded Amazon, Google, and Broadcom commitments earlier this year. Anthropic's run-rate revenue seems to be surging and Claude demand strained its infrastructure. With a confidential IPO filing already in, locking down capacity is now core to the equity story. This IPO will be massive in either direction for AI names depending on how the numbers look.
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