Steve Eisman’s Anthropic S-1 watchlist: Q3 revenue, compute costs and governance

AI summary

Which data points should investors examine? Steve Eisman says investors should examine third-quarter revenue alongside compute and infrastructure costs, because those figures show what happened after token-maxing ended. Evidence index 0 (2:36). Which metrics does he highlight? He focuses on sequential revenue growth and revenue divided by compute-infrastructure expense across the fourth quarter through the third quarter.

Evidence index 1 (3:30). What changes does he identify? Eisman cites sequential revenue growth falling from 147% to 45% and the revenue-to-compute ratio declining from 2.08 times to 1.7 times. He says this shows that ending token-maxing had an impact. Evidence index 2 (4:30).

What pricing and capital figures matter? He calls a reported 50% price cut an important data point and says investors should determine whether it changed market share and revenue. Evidence index 3 (8:46). He also flags future capital commitments estimated at roughly $800 billion to $900 billion, depending on what is included. Evidence index 4 (1:53).

What governance concerns does the source identify? Eisman calls the governance structure ridiculous and says shareholders have no rights.