Key Points
I’d argue that no other generative AI company has created as much buzz around AI as Anthropic. Its Claude Mythos model was so impressive that it required a coalition between several companies to patch software, and it may never be released. This could lead to further buzz around a more tamed-down Anthropic model, but regardless, it’s one of the top AI companies out there right now.
Unfortunately, outside of niche platforms that allow you to purchase private shares, there is really no way to invest in Anthropic, as it isn’t a public company. However, two publicly traded companies own a substantial amount of Anthropic, and as Anthropic’s private valuation rises, so will the investment that these two companies have made.
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The two stocks? Amazon (NASDAQ: AMZN) and Alphabet (NASDAQ: GOOG) (NASDAQ: GOOGL). Each of them is a great investment in its own right, and owning a substantial amount of Anthropic adds to the investment thesis.
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How much of Anthropic do Amazon and Alphabet own?
Amazon and Alphabet have established a stake in Anthropic through various investment rounds, mostly in exchange for their cloud computing resources. Anthropic runs its models on two cloud computing platforms: Google Cloud and Amazon Web Services (AWS). Their training is also done on custom AI chips from Amazon and Google (as well as Nvidia GPUs). This gives Anthropic a balanced approach and prevents one provider from abusing its pricing power because it could always move their workloads to the other provider.
Over time, this has allowed both companies to build a substantial investment in Anthropic, with Alphabet owning about 14% of Anthropic and Amazon owning about 18%. However, the actual figures depend on multiple inputs, and there’s no way of really knowing how much each company owns until Anthropic goes public.
Regardless, each has built a meaningful stake that will be worth a ton of money when Anthropic eventually goes public. Buying these two is a great way to own Anthropic pre-IPO, but they are also strong investment picks as well.
Amazon and Alphabet have attractive cloud computing platforms
Both Amazon and Alphabet operate leading cloud computing platforms. One of the reasons they are each becoming so popular is their custom AI chips. These chips offer better performance at a lower cost than an Nvidia GPU when the workload is properly configured. While GPUs still have a place in AI training, they aren’t as useful in some situations.
Amazon developed its computing chips in-house, while Alphabet partnered with Broadcom. Both of these chips are in such high demand that future capacity is nearly all spoken for, despite not being installed yet. This guarantees future cloud computing growth for both businesses, which will help improve profitability, as the cloud computing segments are among the best divisions for each company.
As demand for AI computing power rises, so will these two companies’ cloud computing businesses.
Additionally, Amazon and Alphabet have rock-solid base businesses that will help fund their data center buildouts. This is a key point, as they are just using cash flows from their core business to fund the buildout rather than owing on massive amounts of debt, although we still may see some debt come onto each company’s balance sheets before the buildout is over. With the huge potential of their cloud businesses, this spending looks like it’s making perfect sense.
Both Amazon and Alphabet are great companies to invest in by themselves, but their Anthropic stake makes them better picks. I have strong confidence that these two will crush the market over the next five years, and have a massive windfall once Anthropic goes public.
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Keithen Drury has positions in Alphabet, Amazon, Broadcom, and Nvidia. The Motley Fool has positions in and recommends Alphabet, Amazon, Broadcom, and Nvidia. The Motley Fool has a disclosure policy.
