1 Part 5: The computer credit trap [ Start | previous post].

1 Part 5: The computer credit trap [ Start | previous post].

In the discussion of money, anthropica often encountered the following thesis:

“These guys are going to get a BB junk credit rating. And since all data centers are built on credit, this means that the high borrowing rate simply will not allow them to take on the financing of all the computer liabilities that have already been contracted for 900 billion dollars => bankruptcy of the company is inevitable! ".

What is wrong with this logic? It assumes that Anthropic is going to take all the computers from the data centers that it built independently: so one would really expect that the company would first have to pump a lot of money raised from investors to buy chips and build - and then try to pay back all these costs over a certain number of years at the expense of the revenue received from customers.

In fact, Anthropic's strategy to provide computing power is different: if you want to understand it in detail, I recommend this detailed review + this article. For the most part, Dario Amudi tries to enter into long-term computer rental agreements with reliable suppliers: in this plan, it turns out that the suppliers will have to attract financing for construction - and Anthropic will be able to pay for these rents not from the borrower's money, but directly from the proceeds (provided that Dario has correctly adjusted the schedule for introducing the non-recurring lease rate to this increase).

In this situation, it turns out that the credit rating of Anthropic itself is no longer so critical. It is much more important that the computer suppliers with whom Anthropic contracted can obtain profitable financing and complete the construction. That's why big companies like Google and Amazon were chosen as the main partners for these long-term contracts.