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Silicon Valley
Joined September 2011
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Big Tech’s quarterly depreciation has nearly doubled in less than 2 years, to $37.3B.
In the past year it grew 47%, more than 2x as fast as revenue.
More charts and insights like this on: research.socialcapital.com/?…
In Q1, Anthropic’s top 5 customers made up ~36% of its revenue. By Q3, it was ~21%.
Even so, revenue from each of its top 5 customers hit a record in Q3.
ASML has raised its 2026 sales forecast by ~€8B since January.
Even so, the company doesn’t expect to fully meet demand in 2027 or 2028.
We put together a Deep Dive to understand where value actually accrues in the AI stack.
Read it here: research.socialcapital.com/g…
Microsoft, Alphabet, Amazon and Meta’s free cash flow fell 89% between Q4 2025 and Q2 2026.
Over the same period, their capex rose by 39%.
More charts and insights like this on: research.socialcapital.com/?…
Worldwide spending on AI is projected to reach ~$2.7T this year.
Yet, only ~1% of it is expected to go to the models themselves.
We put together a Deep Dive to understand where value actually accrues in the AI stack.
Read it here: research.socialcapital.com/g…
Renting Nvidia’s H100 costs 45% more than it did in December.
It went on sale in 2022, and two newer generations have come out since.
Yet, demand for compute is so far ahead of supply that older GPUs are getting more expensive.
We recently put together a Deep Dive on neoclouds, the companies renting out these GPUs.
Read it here: research.socialcapital.com/g…
Software flaws are now being published at ~4x last year’s pace.
So far this October, 588 new security flaws have been published every day, up from 138 in October 2025.
We recently put together a Deep Dive on how cyberwarfare works, and what changes when AI can run 80-90% of an attack.
Read it here: research.socialcapital.com/g…
