Nscale and Anthropic are reportedly in talks for yet another $45 billion compute deal

Impact · against what's priced in

The reported $45 billion compute expansion between Anthropic and Nscale increases overall AI capex intensity, but the news is not material to Microsoft's current valuation. Microsoft's price is driven by its own cloud backlog and monetization conversion, rather than the spending habits of independent frontier model labs.

MSFT+0.00

Doesn't touch the price's assumptions

In context

The compute deal between Anthropic and Nscale does not impact Microsoft's cloud backlog, revenue growth, or free-cash-flow margins.

What MSFT's price assumes · Sep 21

• ai
• valuation
• MSFT
• compute
• infrastructure
• ipo
• venture capital

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