Source: Tomasz Tunguz
Tunguz reframes Anthropic not as a consumer AI company but as a cloud provider competing directly with AWS, Azure, and GCP. Anthropic's 15x year-over-year growth outpaces traditional cloud providers. If the company positions Claude as a foundational compute layer rather than a consumer chatbot, it could capture infrastructure-scale economics—a framing that justifies both its $20B+ valuation and aggressive infrastructure investment. Anthropic is raising tens of billions in capital and building data centers rather than optimizing margins on API calls. It's playing the 20-year cloud game, not the 5-year SaaS game.