The Smarter Way To Bet On Anthropic And OpenAI

All I’ve been seeing over the last couple of days is hype about VCX and people paying 15× NAV to own it just because it has exposure to AI company Anthropic.

While I completely understand all of the buzz around Anthropic right now, paying 15x NAV for it is insane when multiple extremely better options are available to get exposure to both Anthropic and OpenAI.

Two of them even fall within a group of dominant mega-cap stocks. Both are still below prior highs and trade at roughly 25x earnings. That’s not traditionally cheap, but relative to the last couple decades—when abundant liquidity pushed tech valuations higher—it can be seen as fairly reasonable.

If you’re bullish on leading AI labs, these companies effectively provide built-in exposure to that upside.

One example involves a major global platform company that has paired a large financial commitment with a strategic infrastructure agreement. It has pledged up to around $8 billion, making it one of the AI firm’s largest backers. Based on funding round math, estimates place its ownership somewhere in the mid-to-high teens percentage range.

The arrangement is designed to reinforce its role as a provider of computing infrastructure rather than a direct owner of cutting-edge AI models. In exchange for capital and large-scale compute access, the AI firm offers potential equity upside while deepening the partner’s position in the broader ecosystem....(GET BOTH NAMES AND READ THIS FULL COLUMN HERE).

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