Valuation

We all consider Anthropic an AI company.

But what if it’s a cloud?

Anthropic is growing much faster than the other clouds : 15x last year. GCP’s growth is far behind at 82%. But at current growth rates, Anthropic is closer to GCP’s pace, doubling next year.¹

AI is NVIDIA’s third climb up a steep slope.

First came gaming in the late 2010s.

Then cryptocurrency.

Now artificial intelligence.

Each wave pushed revenue growth above 50% & with it, P/E¹ ratios surged. P/E ratios rose before the revenue growth materialized.

There’s a four-quarter offset between P/E ratio & TTM² revenue growth. When you shift revenue growth forward by a year, the correlation with P/E jumps to 0.80.