Inside Anthropic's S-1: Big Tech's Circular AI Handshake and the $500B 401(k) Timebomb

Anthropic just filed its Form S-1 for a Nasdaq IPO under ticker ANT, revealing $518B in take-or-pay cloud commitments to Google, AWS, and Microsoft. Here is how Mark Zuckerberg, Elon Musk, Jensen Huang, Sundar Pichai, Satya Nadella, Tim Cook, and Dario Amodei built a circular revenue machine, and what happens to your S&P 500 ETF if it stalls.