Sandeep Anand

🚨AI Trade turning back 📈 The worst AI carnage so far — still down: $CIFR −77%, $IREN −70%, $APLD −64%, $WDC −61%, $SNDK −58%, $CRWV −56%. Memory — the hottest trade of the summer — is down 57% on average $DRAM $MU But look at the averages, because that is where the story is: - Neoclouds: −59% - Memory: −57% - Optics: −41% - China AI: −40% - Power: −39% - Semis: −33% - Hyperscalers: −12% The hyperscalers — the companies actually buying the AI — are down 12% on average. $MSFT −7%. $AMZN −7%. The companies selling the buildout on borrowed money are down 59%.

$NVDA - interesting read wsj.com/business/nvidia-shor…

🚨 Nasdaq fell 5.5% in a single day this week — its worst since April. And the names that led the rally led the selloff, only harder. So the question on every screen right now: has the AI bubble popped? Read InvestAI Capital deep dive this week 👇 substack.com/@investaicapita…

🔥 Anthropic Asking Price 'Slashed 50%' for IPO !! Everything you want to know about the Anthropic IPO ($ANT) — the S-1 1. The deal: 825M shares at $70–$78, raising up to $64.4B. Worth $1T on shares outstanding, $1.4T fully diluted. Prices Nov 18, trades Nov 19 on Nasdaq as $ANT. Two months ago it wanted $2T. 2. The growth: Revenue $41M in 2023 → $386M in 2024 → $4.6B in 2025 → $17B in Q3 alone 🚀 Run rate $81B at end-Oct, up $10B in a single month !! 📈 Fastest enterprise adoption of any technology in history, per the filing. 3. The catch: Q3 revenue was $17B. The compute bill was $9.9B — 58% of revenue. Total compute commitments: $895B (with $70B due in the next 12 months). Anthropic doesn't own the compute but rather rents them 4. The tell: $GOOGL and $NVDA are each buying $10B of the IPO. $AMD, $AVGO, $MSFT, $MU and $TSM too — $26B total from the same companies selling Anthropic its chips and cloud. The suppliers are increasing stake as shareholders. 5. The take: founders keep 50.1% of the votes with a single share. $104B net loss in 9 months — almost all non-cash paper charges. My question isn't abt demand. Its whether $895B of compute earns ROIC before the bill comes due ??

🚨Anthropic just launched Claude Fable 5.2 and Mythos 5.2 Perplexity WANDR benchmarks $ANT Claude Fable 5.2 at record score at cost $14/ task !

🚨 How to invest in AI with a margin of safety (Nov 1st week price action proves) Quadrant 1: own the names that fund the buildout from cash flow — $AAPL $NVDA $AMZN $MSFT $AVGO $GOOG $350 billion of FCF combined — or Quadrant 4: value + open-weight leg, $BABA $META $GOOG . Not the names renting it from the capital markets Or Quadrant 3: Beneficiaries Of AI adoption- $CRDO $CRWD $META $CRCL $NET $MRVL Am still bullish on AI for next 3 years but need to balance portfolio to low-risk from now on . The whole ‘safety margin AI’ map 👇

🚨 Microsoft-requested change to networking equipment resulted in delays to a massive data center project in Childress, Texas. $IREN says it now expects to reach $4 billion in operating ARR by January or February, having previously targeted year-end THINGS had ALREADY STARTED TO SLIP !!

🚨 $NET just posted its best quarter ever — and it’s the biggest beneficiary of AI !! 📈Revenue $782.5M, +39% YoY — fastest growth in nearly 4 years. EPS $0.38 vs $0.34. Net retention 122% RPO $2.877B (+34%) Q4 guide $845–846M vs $796M street. 🚀FY guide raised to $2.96B / $1.35 EPS — 3rd raise this year (wow… ) GAAP profitability pulled forward to Q4 (was end-2028) 🚨Why Cloudflare is biggest ‘toll-taker’ of AI: -> Non-human traffic just crossed 50% of Cloudflare's network for the first time. -> AI agents are the new customers — and they don't sleep don't churn and keep spending Listen to CEO Matthew Prince talking about this jus 2 weeks back 👇

There are 3 bottlenecks weighing on AI CAPEX: 1/ Dem approvals 2/ Cost of Capital (FCF turning -ve) and 3/ Power availability Example: The chart splits the MAG8 into three camps: 1. Self-funding: $AAPL ($137B FCF on $10B capex) and $NVDA ($127B on $7B) — they sell the picks and shovels, they don't have to buy them. Together they're $264B, 2.4x the other 6 combined. $AVGO ($39B on $1B capex) sits here too. 2. Squeezed: $MSFT still makes $60B, but on $136B of capex $GOOGL's TTM FCF is down to $20B — its last two quarters were FCF-negative (−$9.1B, −$5.9B) $META at $29B, with Q3 FCF already negative 3. FCF-negative: $AMZN at −$42B TTM, with 2027 capex guided "meaningfully more" than $220 billion My take: this is cost-of-capital thesis in one picture. - At 0% rates FCF didn't matter — debt was free. - At a 4.9% 10-year, every capex dollar beyond FCF costs real money or dilution, which is why the tape is now watching the funding, not the growth: $META's up-to-$95B equity raise, MSFT's 25B of bonds, $GOOGL's $6B of bonds.

$NBIS IS AT A SERIOUS ADVANTAGE WITH INTERNATIONAL GW AVAILABILITY. US: Vineland NJ 300 MW + Pennsylvania up to 1.2 GW + Birmingham 300 MW International: Finland 75 MW live on cheap green power, Paris, UK, Iceland, Israel colos. >2.5 GW contracted by end-2026, 5 GW target 🚨 AI spending is a 1% game — the top 1% with GW does the land-grab from here. Power, not chips, is the constraint. And $NBIS clearly headed to be that 1% 📈

🚨 AI spending is a 1% game Ramp AI Index October Summary: In October 2026, Anthropic $ANT captured the largest share of AI token spending among businesses on Ramp, at 60.5%. 📈Total token spending rose 8.9% compared with the same week last month. In September 2026, AI adoption reached 55.9% of US businesses on Ramp, up 0.6 % points from August and 12.1 points from a year earlier Top 1% of firms: $9,567/employee/month on AI. Median firm: $15.70 — a 609x gap. 1% of companies drive 80% of all business spend on OpenAI + Anthropic, and 80% of those whales are VC-backed startups. The "enterprise AI boom" is venture money, not the S&P 493. $SPY $QQQ

🚨2 RESONS WHY $PLTR HAS HIGH P/E ?? 1. High Gross Margins (GAAP) : At 83% !! Palantir sells Gotham/Foundry/AIP as a platform — once the code exists, each incremental license dollar costs almost nothing. COGS is basically cloud hosting, customer support and some deployment cost. 2. Revenue Visibility: Rapid acceleration of Commercial revenue gives ‘visibility ’ of earnings potential . Commercial was a sideshow at $284M in Q4 2023 and has 4x'd to $1,168M — overtaking Government for the first time in Q3 2026 After fall today it’s treading at 104x Fwd earnings ie a PEG < 1