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Monthly gains in the share of businesses paying for AI falling from 2.41 points in March to 0.62 in September

AI needs every office worker on Earth to pay $205 a month. The typical company pays $15.70.

AI spending needs a customer that does not exist yet: the build-out runs for a decade, while the typical company pays $15.70 per employee a month and the rush to buy is already slowing.

Article/NOV 1, 2026/10 min read

Since AI Mode, Google grows search by selling more clicks, not by raising prices

Google's Cloud Doubled. And That's the Problem.

Cloud grew 103% and the stock had its worst post-earnings day on record. Cloud eats cash, search makes it, and search is slowing, so Google now sells stock and borrows.

Article/OCT 29, 2026/5 min read

Anthropic's bets on a maturity curve: robotics in research, drug discovery in the lab, Claude Science as an early product, Cowork and cybersecurity scaling, coding as the core business; image and video generation not pursued

Claude's Work Inside Anthropic Is Now Worth More Than Its Payroll

Priced at what customers pay, it passed payroll in April 2026. The S-1 also shows what Anthropic refuses to build, and why cheap open models scare it.

Article/OCT 27, 2026/10 min read

Anthropic's quarterly operating result, negative for five quarters, then +$0.97bn in Q2 2026, the same half it booked an $80.7bn net loss

Anthropic Lost $80.7 Billion. Its Last Quarter Made a Profit.

Anthropic's IPO filing is out. Both of those sentences are true. The gap between them is the whole story of this IPO.

Anthropic's S-1/OCT 27, 2026/9 min read

H1 2026 net loss bridge: reported loss of $80.7bn, minus a $72.0bn non-cash fair-value charge, leaves an $8.7bn loss before the charge; 89% non-cash

Ignore the $80.7B Loss. Watch These 6 Numbers.

Anthropic's public filing is due any day. Everyone will quote the same loss. These are the six numbers that will actually tell you whether the fastest-growing company in AI gets to keep its money.

Anthropic's IPO filing/OCT 23, 2026/8 min read