Anthropic is a very impressive business - a few charts after having ai run through the S-1. Not much of a single stocks guy and a thousand smarter analysts pouring over this rn than me but my surface level take is it’s a very strong business. In terms of the future outlook, feels like the key risk here is the sustainability for frontier models to sell tokens at a high margin or whether it gets commoditized down as use case needs for the average person begin to reach an asymptote where the marginal new frontier model doesn’t change the quality of experience and output for the average task. There will always be a need for frontier tokens by a certain subset of users but feels to me like the question is whether the average Fortune 500 company prefers a frontier token vs the commoditized one. There’s also the dynamic around data privacy. How willing will companies be to fork over their company info into training data vs build their own model trained on open weight models. On net, the company seems highly sustainable short term and liquidity ratios are very solid, but the outlook on demand for premium high margin tokens is the key question.

Quinn’s been nailing it on the energy complex and has some very fascinating thoughts we unpack in here

Long term bond yields are tightening financial conditions