SemiAnalysis’ Dylan Patel said on Invest Like the Best that his firm’s AI spend went from “tens of thousands” last year to a \~$7M annualized Claude Code run-rate. That sounds like token spend becoming the new cloud bill.
Meanwhile, OpenAI reportedly has a \~$300B $ORCL cloud deal, Anthropic/Amazon announced up to 5GW of AWS capacity, and $NVDA just reported $62.3B of data center revenue, up 75% YoY.
Is this durable enterprise token demand l, or are hyperscalers front-loading capex before ROIC is proven?