Key Highlights

  • Amazon (NASDAQ:AMZN) booked USD 53.4 billion of non-operating income in the second quarter of 2026, mainly from its Anthropic investments, and was reported to have committed up to USD 33 billion more in April 2026.
  • Alphabet (NASDAQ:GOOGL) reported Google Cloud backlog of USD 514 billion, and Anthropic was reported to have committed USD 200 billion to Google Cloud, with Alphabet investing up to USD 40 billion.
  • Nvidia (NASDAQ:NVDA) is linked to Anthropic by a reported investment of about USD 10 billion, alongside its USD 5.2 trillion valuation on the chart, though the amount was not matched to a filing.
  • Broadcom (NASDAQ:AVGO) reported AI semiconductor revenue of USD 16.7 billion, up 221%, with Anthropic reported to plan 15 gigawatts of TPU capacity from 2027 to 2028 in published market data on the dates cited.

Amazon (NASDAQ:AMZN): USD 53.4B of Income From Anthropic Stakes

Amazon (NASDAQ:AMZN) reported second quarter 2026 net income of USD 62.6 billion, including USD 53.4 billion of non-operating income attributed primarily to its Anthropic investments. The gain is unrealized: when Anthropic raises money at a higher valuation, Amazon marks up its stake without receiving cash. The chart shows Anthropic at USD 965 billion, against a reported USD 350 billion pre-money valuation at Amazon's April 2026 investment. In April, Amazon was reported to commit up to USD 33 billion more, including USD 5 billion of fresh equity and up to USD 20 billion tied to milestones, on top of USD 8 billion invested earlier. Anthropic was reported to commit more than USD 100 billion to AWS over ten years for up to 5 gigawatts of capacity, including Trainium chips. So Amazon (NASDAQ:AMZN) books both a stake gain and cloud revenue from the same customer. Trailing capex of USD 173.0 billion is real cash. Amazon reports on October 29, 2026. The risk is that Anthropic's valuation falls, which would reduce reported profit, and that the chips needed for 5 gigawatts were reported as not all fabricated yet. Amazon also competes with Alphabet for the same customer.

Alphabet (NASDAQ:GOOGL): A Reported USD 200B Cloud Commitment

Alphabet (NASDAQ:GOOGL) reported on July 22, 2026 that Google Cloud revenue rose 82% to USD 24.8 billion and backlog reached USD 514 billion, according to coverage of the release. Anthropic was reported in May 2026 to have committed USD 200 billion to Google Cloud over five years for about 5 gigawatts of TPU capacity, with deployment from 2027. Alphabet was reported to invest up to USD 40 billion in Anthropic, USD 10 billion upfront and USD 30 billion tied to milestones. Neither amount was matched to a company filing. Simple arithmetic shows USD 200 billion would be about 39% of the USD 514 billion backlog, if the full amount sits in backlog, which is not confirmed. The mechanism is the same as at Amazon: the investor funds a customer that spends the money back on cloud, and the stake may produce reported gains. Alphabet (NASDAQ:GOOGL) reports on October 28, 2026. The risk is that gains on private stakes can reverse and that backlog depends heavily on one customer. Capex guided to USD 195 billion to USD 205 billion must be supported by revenue, and the stock slipped about 1.2% in extended trading after the July report.

Nvidia (NASDAQ:NVDA): A Reported USD 10B Stake and a USD 5.2T Value

Nvidia (NASDAQ:NVDA) is the largest node on the chart at USD 5.2 trillion, and Anthropic is shown at USD 965 billion with an arrow between them. Nvidia was reported to be investing about USD 10 billion in Anthropic, as part of a USD 15 billion commitment alongside Microsoft in late 2025 linked to a USD 30 billion Azure compute commitment by Anthropic. Those amounts are reported and were not matched to a filing. Nvidia also reported fiscal second quarter 2027 revenue of USD 96.2 billion, up 106%, and has disclosed equity stakes of USD 2 billion each in Nebius and CoreWeave and USD 5 billion in Intel. Anthropic is one of several labs whose spending on cloud and chips becomes Nvidia revenue, so a funding slowdown at any of them would reach Nvidia (NASDAQ:NVDA) sales. The next report is expected in late November 2026, and the date was not confirmed. The risk for Nvidia is that its Anthropic stake and its chip sales rise and fall with the same funding rounds, and that Anthropic also buys custom chips from Alphabet and Amazon, which compete with its products. That makes it a partner and a rival at once.

Broadcom (NASDAQ:AVGO): 221% AI Chip Growth and 15 Gigawatts of TPUs

Broadcom (NASDAQ:AVGO) reported on September 2, 2026 that AI semiconductor revenue was USD 16.7 billion, up 221%, with fiscal third quarter revenue of USD 29.6 billion, up 86%. It guided the fourth quarter to about USD 21.7 billion of AI revenue. Google and Anthropic were reported to be receiving Ironwood TPU chips in volume, and Anthropic was reported to plan 15 gigawatts of TPU capacity between 2027 and 2028, which would make it the largest custom chip customer. The USD 200 billion Anthropic commitment to Google Cloud reported in May 2026 includes TPU capacity co-developed with Broadcom. Those customer details come from a third-party summary and were not matched to the filing. Broadcom therefore depends on a customer that Alphabet and Amazon both fund. The chart values Broadcom (NASDAQ:AVGO) at USD 1.6 trillion. Fourth quarter results are expected in December 2026, and the date was not confirmed. The risk is customer concentration. If Anthropic cuts its TPU plans or its funding slows, a custom chip cannot easily be sold elsewhere. The customer details are third-party reports, so the next filing and the December results will be the real check.

Where Things Stand

The Anthropic cluster is the clearest example of a loop on the chart. Investors fund Anthropic, Anthropic commits hundreds of billions of dollars back to their clouds and chips, and valuation gains lift reported earnings. Amazon (NASDAQ:AMZN) is both investor and landlord. Alphabet (NASDAQ:GOOGL) is as well. Nvidia (NASDAQ:NVDA) supplies the chips. Broadcom (NASDAQ:AVGO) designs the custom ones. Demand is real, but several key amounts are reported and not confirmed in filings, and Anthropic's funding needs remain the main uncertainty.