I take no position on the correct valuation of Anthropic, but I think if you've used coding agents, it's pretty clear that it's not just hype; they really are a useful technology that can massively increase software engineering productivity.
As far as I know the circular deal fears are more around the chip purchasing agreements, because there is a speculative component to building out datacenters for training which may not produce models that are worth the training cost, but the revenue from inference is real and it has truly grown a lot over the past two years.
As far as I know the circular deal fears are more around the chip purchasing agreements, because there is a speculative component to building out datacenters for training which may not produce models that are worth the training cost, but the revenue from inference is real and it has truly grown a lot over the past two years.