Here's my napkin maths.
This move in VCX because of their exposure to Anthropic.. then you have people pumping that Orb nonsense because of its exposure to inferior OpenAI.
Yet $ZM, yes, Zoom Video owns a 1% stake in Anthropic due to its early investment in 2023. In fact, it owns far more than any of these combined.
Furthermore, it generates 2bn in FCF a year, has a market cap of 22bn, with 7.8bn in cash
. Giving it an EV value of 14.8bn with its Anthropic investment worth approx 4bn Meaning, its entire core business trades at 5x FCF ($10bn)
Making Zoom essentially the best way to publicly gain exposure to Anthropic. In a realistic sense you’re buying Anthropic here for below NAV, when standard multiples are applied to ZMs core business.
Easy 20% move on deck imo, may pick some options up too.
https://preview.redd.it/2cfu7usg28rg1.png?width=280&format=png&auto=webp&s=d5c81bc43173337dea2a05331da4816274110edd