Joey Brookhart

Crystal × Max Kan × Joey Brookhart × Jordan Nanos

Anthropic’s enterprise/API mix is producing operating leverage: over 80% of ARR is API-based, Q2 operating profit was positive, and Q3 could exceed $1 billion.OpenAI’s free-user base weighs on margins, but 5.5 and 5.6 have reportedly restored a two-horse race, while subsidized coding plans and RL environments leave unit economics and capability scaling unresolved.

Jordan Nanos × Jeremie Eliahou Ontiveros × Joey Brookhart × Crystal Huang

AWS’s margins are rising while it adds more than a gigawatt of capacity per quarter, signaling a shift toward higher-margin Bedrock token sales.Claude represents an estimated 80%-93% of Bedrock usage, while Anthropic’s API-led growth reaches $47 billion ARR.Whether this operating leverage survives stabilized utilization, coding-token cuts, and the SpaceX/xAI capacity deal remains the key risk.

Jordan Nanos × Ray Wang × Malcolm Splitter × Joey Brookhart

NVIDIA’s Vera Rubin VR200 targets 35 petaflops and 288 GB of HBM4, while AMD’s MI455X could gain a memory edge if delivered on time.Inference is increasingly shifting to custom silicon, with Trainium 3, Maia 200, and Ironwood offering credible alternatives; external access and execution remain key uncertainties.