News & Updates
The latest news and updates from companies in the WLTH portfolio.
Tuesday newspaper round-up: North Sea oil, Anthropic, EV owners
The US government has already paid back tens of billions of dollars in tariffs it collected before the supreme court ruled them illegal, according to budget figures released on Monday. Tariffs - taxes on imported goods - have been a key part of president Donald Trump's game economic plan since he took office again last year. But in February, the supreme court shut down a big chunk of the extra tariffs Trump ordered, forcing the government to return money to the companies that had paid them. - Guardian The UK's North Sea oil industry has made a last-ditch attempt to curry favour with the Labour government by appealing to Andy Burnham's reindustrialisation agenda just days before he is expected to become Britain's next prime minister. Industry lobbyists have written to more than 400 Labour MPs to call on the government's new leaders to allow more oil and gas drilling in UK waters to support homegrown energy and show "a commitment to UK manufacturing, industrial capability and the skilled workforce that has powered the nation for generations". - Guardian The founder of online bank Monzo has become the latest high-profile figure to join Anthropic, the AI company behind the Claude chatbot. Tom Blomfield, who is one of Britain's most successful tech entrepreneurs, will take a leave of absence from his current role at start-up investor Y Combinator to join Anthropic, which recently overtook OpenAI as the world's most valuable AI company. - Telegraph Electric vehicle (EV) owners will be taxed for driving abroad under Labour's pay-per-mile plan. In a consultation response published on Monday, the Government said charging drivers for overseas mileage was proportionate because not doing so would require the use of location data to show where they were - raising privacy concerns. - Telegraph The United Arab Emirates is building another port in an attempt to bypass the Strait of Hormuz, having already expedited the construction of a new oil pipeline. The new port would join an existing facility in Fujairah along the country's eastern coastline and past the tip of the strait that Iran closed to shipping during the war with the United States. - The Times
OpenAI CEO Sam Altman Throws Shade At Anthropic's New Ad Amid Tussle With Elon Musk, Apple: 'Thought This Was Satire'
* Altman took a swipe at a new advertisement for Anthropic's Claude. * In the past few days, he has again rebutted Elon Musk and said he is "not afraid of Apple" following the iPhone maker's lawsuit. * Investors are closely watching developments at OpenAI as it moves toward a public listing. OpenAI CEO Sam Altman took a more combative tone toward tech rivals on Monday, days after his AI startup was hit with a major trade-secret theft lawsuit by Apple. "Come for the best model, stay because we don't treat you with contempt," Altman posted on X on Monday, without context. Given the timing, X users interpreted it as criticism aimed at companies like Apple, Anthropic or SpaceXAI. In a separate post, Altman took a swipe at a new advertisement for Anthropic's Claude. The ad, titled "There's Hope in Hard Questions," features a narrator reflecting on whether AI can be built to benefit humanity. Responding to it, Altman wrote, "i thought this was satire, kept looking for the handle to be spelled c1audeai or something." Anthropic was started by former OpenAI employees, and the company now appears to be leading in the AI market. Altman Sharpens The Rhetoric The OpenAI CEO is no stranger to quirky responses to online critics, but lately he appears to be taking a more head-on approach. In the past few days, he's rebutted criticism from SpaceX and Tesla founder Elon Musk, saying that he was wooing public market investors with unproven claims about space data centers and that he is "not afraid of Apple" following the iPhone maker's lawsuit. Altman and Musk have frequently traded jabs online amid Musk's long-running legal campaign against OpenAI, including challenges to its restructuring and its relationship with Apple. Apple Lawsuit On Friday, Apple said it sued OpenAI in California, alleging that OpenAI encouraged Apple employees to share information, components, drawings, and other materials related to upcoming products -- as part of OpenAI's efforts to develop its own suite of devices. The suit also named Tang Tan, a 25-year Apple veteran who joined OpenAI as its chief hardware officer last year, as a defendant. The suit marks a dramatic turn for two companies that were close partners. OpenAI has powered Apple Intelligence and Siri, but ties between the two have frayed over the past year. OpenAI IPO Watch Investors are closely watching developments at OpenAI as it moves toward a public listing, setting up a potential IPO showdown with chief rival Anthropic. Both companies confidentially filed IPO paperwork with regulators last month, before reports emerged that OpenAI may delay its listing until next year rather than the previously expected fourth-quarter timeline. OpenAI now broadly trails Anthropic, based on the most recently disclosed numbers. In April, Anthropic said it tripled its annual revenue run rate to $30 billion, surpassing OpenAI's ARR of about $24 billion. Anthropic is valued at $1.08 trillion, compared to OpenAI's private market valuation of $868.4 billion, according to data from Nasdaq Private Market. For updates and corrections, email newsroom[at]stocktwits[dot]com.
OpenAI CEO Sam Altman Throws Shade At Anthropic's New Ad Amid Tussle With Elon Musk, Apple: 'Thought This Was Satire'
* Altman took a swipe at a new advertisement for Anthropic's Claude. * In the past few days, he has again rebutted Elon Musk and said he is "not afraid of Apple" following the iPhone maker's lawsuit. * Investors are closely watching developments at OpenAI as it moves toward a public listing. OpenAI CEO Sam Altman took a more combative tone toward tech rivals on Monday, days after his AI startup was hit with a major trade-secret theft lawsuit by Apple. "Come for the best model, stay because we don't treat you with contempt," Altman posted on X on Monday, without context. Given the timing, X users interpreted it as criticism aimed at companies like Apple, Anthropic or SpaceXAI. See what 10M+ investors are talking about. Get the Stocktwits Daily Rip for what retail is watching right now, free to your inbox In a separate post, Altman took a swipe at a new advertisement for Anthropic's Claude. The ad, titled "There's Hope in Hard Questions," features a narrator reflecting on whether AI can be built to benefit humanity. Responding to it, Altman wrote, "i thought this was satire, kept looking for the handle to be spelled c1audeai or something." Anthropic was started by former OpenAI employees, and the company now appears to be leading in the AI market. Altman Sharpens The Rhetoric The OpenAI CEO is no stranger to quirky responses to online critics, but lately he appears to be taking a more head-on approach. In the past few days, he's rebutted criticism from SpaceX and Tesla founder Elon Musk, saying that he was wooing public market investors with unproven claims about space data centers and that he is "not afraid of Apple" following the iPhone maker's lawsuit. Altman and Musk have frequently traded jabs online amid Musk's long-running legal campaign against OpenAI, including challenges to its restructuring and its relationship with Apple. Apple Lawsuit On Friday, Apple said it sued OpenAI in California, alleging that OpenAI encouraged Apple employees to share information, components, drawings, and other materials related to upcoming products -- as part of OpenAI's efforts to develop its own suite of devices. The suit also named Tang Tan, a 25-year Apple veteran who joined OpenAI as its chief hardware officer last year, as a defendant. The suit marks a dramatic turn for two companies that were close partners. OpenAI has powered Apple Intelligence and Siri, but ties between the two have frayed over the past year. OpenAI IPO Watch Investors are closely watching developments at OpenAI as it moves toward a public listing, setting up a potential IPO showdown with chief rival Anthropic.
Anthropic's extravagant tokenizer complicates AI pricing
Claude looks substantially more token-hungry than OpenAI's GPT-5.x, thanks to the new tokenizer that Anthropic shipped with recent releases. Large language models (LLMs) use tokenizers to handle the mapping of text into tokens. There's no set definition of a token, but they're typically a set of three or four characters that are mapped to the integers LLMs actually process. Tokens have become the basic economic unit for billing use of AI models. Because the slicing of words into tokens and the tokens required per task vary across models, it has become rather difficult to predict the final bill for playing the AI slot machine. Recent changes to Anthropic's tokenizer appear to have further complicated matters by making the same content more costly to process on certain models. Playcode, an AI app building platform, recently analyzed the impact of Anthropic's latest tokenizer and found that the same TypeScript file processed by Claude can consume up to 73 percent more tokens than OpenAI's GPT-5.x model family. Anthropic acknowledges its new tokenizer - announced at the end of June when Sonnet 5 shipped - may generate more tokens for the same input than prior versions. "Sonnet 5 is an upgrade to Sonnet 4.6, but it uses an updated tokenizer that changes how the model processes text to improve performance (this is similar to the tokenizer change we introduced with Claude Opus 4.7)," the company explained. "The tradeoff is that the same input can map to more tokens: roughly 1.0-1.35× depending on the content type." Anthropic offered Sonnet at a reduced introductory rate - $2/million input tokens and $10/million output tokens through August 31, 2026 - to make the inflated token generation more or less cost-neutral. But the price is set to rise to $3/million and $15/millionafter that. Anthropic did not immediately respond to a request for comment. The company says that users of its new tokenizer may see their bills rise by as much as a third compared to the tokenizer it used with its older models. Costs for Anthropic users could go even higher when compared against the latest iteration of OpenAI's o200k tokenizer. Playcode's cross-vendor token comparison finds that for a 2,888 character TypeScript file, Claude's new tokenizer emits 1.73x more tokens than GPT-5.x's tokenizer and 1.32x more than Claude's old tokenizer. These figures differ for different types of code: Rust taps in at 1.58x, JavaScript 1.52x, and Python 1.50x. So if Anthropic's list prices were adjusted to be comparable with OpenAI's GPT-5.x baseline, Playcode suggests Opus 4.8's cost would be $7.50/M input and $37.50/M output instead of the published figure of $5/M and $25/M. The AI app platform notes that a team from marketing platform Ploy this week published an account of a production migration using OpenAI's GPT-5.6 Sol and Anthropic's Opus 4.8. "GPT-5.6 finished pages 2.2× faster, cost 27 percent less, and used about half the output tokens," Ploy claimed. There are other factors that go into calculating AI bills. As we noted recently, costs should be judged in terms of task completion and the impact of model harnesses (e.g. Claude Code, Codex, Pi, OpenCode, etc.) should also be evaluated when attempting to calculate the cost of running AI workloads. ®
Tuesday newspaper round-up: North Sea oil, Anthropic, EV owners
(Sharecast News) - The US government has already paid back tens of billions of dollars in tariffs it collected before the supreme court ruled them illegal, according to budget figures released on Monday. Tariffs - taxes on imported goods - have been a key part of president Donald Trump's game economic plan since he took office again last year. But in February, the supreme court shut down a big chunk of the extra tariffs Trump ordered, forcing the government to return money to the companies that had paid them. - Guardian The UK's North Sea oil industry has made a last-ditch attempt to curry favour with the Labour government by appealing to Andy Burnham's reindustrialisation agenda just days before he is expected to become Britain's next prime minister. Industry lobbyists have written to more than 400 Labour MPs to call on the government's new leaders to allow more oil and gas drilling in UK waters to support homegrown energy and show "a commitment to UK manufacturing, industrial capability and the skilled workforce that has powered the nation for generations". - Guardian The founder of online bank Monzo has become the latest high-profile figure to join Anthropic, the AI company behind the Claude chatbot. Tom Blomfield, who is one of Britain's most successful tech entrepreneurs, will take a leave of absence from his current role at start-up investor Y Combinator to join Anthropic, which recently overtook OpenAI as the world's most valuable AI company. - Telegraph Electric vehicle (EV) owners will be taxed for driving abroad under Labour's pay-per-mile plan. In a consultation response published on Monday, the Government said charging drivers for overseas mileage was proportionate because not doing so would require the use of location data to show where they were - raising privacy concerns. - Telegraph The United Arab Emirates is building another port in an attempt to bypass the Strait of Hormuz, having already expedited the construction of a new oil pipeline. The new port would join an existing facility in Fujairah along the country's eastern coastline and past the tip of the strait that Iran closed to shipping during the war with the United States. - The Times
Anthropic Claude Sonnet 5 vs Sonnet 4.6 vs Opus 4.8: Agentic Coding Benchmarks, API Pricing, and Cost-Performance Tradeoffs Compared
Anthropic just shipped Claude Sonnet 5. They call it its most agentic Sonnet model yet. It plans, drives browsers and terminals, and runs autonomously across long tasks. Sonnet 5 is the default model for Free and Pro plans today. Max, Team, and Enterprise users can select it. It is also live in Claude Code and on the Claude Platform. TL;DR * Sonnet 5 is Anthropic's most agentic mid-tier model, closing much of the gap to Opus 4.8. * Beats Sonnet 4.6 on every published benchmark: 63.2% SWE-bench Pro, 81.2% OSWorld-Verified, 57.4% HLE. * Cheaper to run: $2/$10 per MTok intro pricing through Aug 31, then $3/$15; Opus 4.8 is $5/$25. * Best value at low/medium effort; at xhigh it can cost more than Opus 4.8 for similar quality. * Safer than 4.6, with deliberately low cyber capability -- Opus stays the pick for accuracy-critical work. Claude Sonnet 5 Sonnet sits in the middle of Anthropic's lineup. It is above the cheaper Haiku 4.5 and below the flagship Opus 4.8. Sonnet 5 is an upgrade to Sonnet 4.6, which launched in February 2026. Anthropic frames this release around agentic reliability, not one headline benchmark. In practice, that means longer task chains without losing context. It means better self-correction when a tool call fails. It means steadier behavior across extended sessions inside Claude Code or Cowork. The model exposes effort levels: low, medium, high, and xhigh (extra high). Higher effort spends more tokens on reasoning. That raises both quality and cost. It is important to note that Sonnet 5 uses an updated tokenizer, the same one introduced with Opus 4.7. The same text can map to roughly 1.0 to 1.35 times more tokens. Interactive Explainer Benchmark Anthropic team published a benchmark table comparing Sonnet 5, Sonnet 4.6, and Opus 4.8. Sonnet 5 beats its predecessor in every tested category. It closes much of the gap to Opus 4.8. On agentic coding (SWE-bench Pro), Sonnet 5 scores 63.2%. Sonnet 4.6 scored 58.1%. Opus 4.8 still leads at 69.2%. On computer use (OSWorld-Verified), Sonnet 5 posts 81.2% against Sonnet 4.6's 78.5%. On Terminal-Bench 2.1, it reaches 80.4% versus 67.0%. On Humanity's Last Exam with tools, Sonnet 5 hits 57.4%. That nearly matches Opus 4.8 at 57.9%. There is one place where Sonnet 5 edges ahead. On the GDPval-AA v2 knowledge-work benchmark, it scores 1,618 against Opus 4.8's 1,615. Effort Levels: Where the Real Tradeoff Lives The cost-performance story is the most important part for developers. Sonnet 5 is a strict improvement over Sonnet 4.6 across every effort level. The clearest value appears at low and medium effort. At those levels, Sonnet 5 delivers quality that earlier Sonnet pricing could not buy. Opus 4.8 remains the accuracy leader at the top of the range. A practical routing policy follows from this. Send most agentic coding, tool use, and knowledge work to Sonnet 5. Reserve Opus 4.8 for accuracy-critical tasks. Keep Haiku 4.5 for high-volume, latency-sensitive calls. Use Cases: Where Sonnet 5 Fits Early access partners described concrete workflows. Their reports map to common engineering jobs. * Multi-step software engineering: One tester asked Sonnet 5 to investigate a bug. It wrote a reproducing test, implemented the fix, then confirmed the bug returned without the change. It did this in a single pass. * Brownfield debugging: Another partner ran it on hard pull requests. The model traced failures to their root causes. It shipped durable fixes rather than symptom patches. * Business automation: Zapier handed it a two-part job. It updated Salesforce account tiers, then sent a launch email to enterprise contacts. It finished the task end to end. * Computer-use agents: Pace runs insurance workflows like submission intake and loss runs. Its agents act on the operational systems teams already use. * Data exploration: ClickHouse agents query live data and produce insights on the fly. Faster reasoning means faster time-to-insight for analysts. Comparison Table Sonnet 5's introductory pricing runs through August 31, 2026. Standard pricing of $3/$15 begins after that date. Standard prompt caching (cache reads at 0.1x input) and the 50% Batch API discount also apply. Per token, Sonnet 5 undercuts GPT-5.5 and Gemini 3.1 Pro, but costs more than Gemini 3.5 Flash. Anthropic lists a 1M-token context window for Sonnet 5 in its launch post. It does not publish context figures for the other models here. Coding Example: Calling Sonnet 5 The API call mirrors any other Anthropic model. You change the model string to . Strengths and Weaknesses Strengths: * Improves on Sonnet 4.6 in every benchmark category Anthropic tested * Near-Opus 4.8 quality on several evaluations, at lower per-token prices * Edges Opus 4.8 on the GDPval-AA v2 knowledge-work benchmark * Lower hallucination, sycophancy, and undesirable-behavior rates than Sonnet 4.6 * Drop-in API change: you only swap the model string Weaknesses: * Opus 4.8 still wins on the hardest accuracy-critical tasks * At xhigh effort, cost can exceed Opus 4.8 at similar quality * The new tokenizer can raise token counts by up to 1.35 times * Cyber capability is intentionally low; use Opus for sanctioned cyber work * Standard pricing of $3/$15 arrives after August 31, 2026 Community Reaction Check out the Technical details. Also, feel free to follow us on and don't forget to join our 150k+ML SubReddit and Subscribe to our Newsletter. Wait! are you on telegram? now you can join us on telegram as well. 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Canada regulator cited Anthropic's Claude Mythos in warning to banks on cyber risks, email shows
TORONTO, July 13 (Reuters) - Canada's federal banking regulator warned the country's largest financial institutions about the risks of Anthropic's Claude Mythos and other advanced AI models, saying the new technology could increase cyber threats and reduce the time institutions have to identify and fix vulnerabilities, according to an email sent in April. The regulator, the Office of the Superintendent of Financial Institutions, sent the email to chief technology officers, chief information security officers, and chief risk officers across the financial industry, including the big banks and insurers, according to documents Reuters obtained through an access-to-information request. Regulators globally are trying to assess cybersecurity risks such as Anthropic's frontier AI model Mythos. Cybersecurity experts say Mythos, an AI model described as extremely capable at finding and exploiting cybersecurity vulnerabilities, poses significant challenges to the banking industry and its legacy technology systems. "Advanced artificial intelligence models, such as Anthropic Claude Mythos, significantly compress the timeframe for effective risk mitigation," OSFI said in the email. "Accordingly, this bulletin is grounded in our existing guidance and outlines sound practices that institutions can adopt to enhance the speed and effectiveness of risk identification, mitigation and response." Additional contents of the email were redacted due to some sections of the Access to Information Act. An acknowledgment of the risks of Mythos from OSFI could ensure Canadian banks, insurers and other regulated institutions invest in technology to protect clients from cyber risks. After Reuters sent questions to OSFI last week, the regulator on Monday posted a public bulletin on generative and agentic artificial intelligence online. "OSFI takes a technology‑neutral, risk‑focused approach to emerging technologies, including advanced artificial intelligence models such as Mythos. Our focus is not the technology itself, but how federally regulated financial institutions govern and manage the risks associated with its use," the regulator said in an emailed response to Reuters questions. In early April, Canadian bank executives met with regulators to discuss the risks posed by Mythos shortly after U.S. Treasury Secretary Scott Bessent and then-Federal Reserve Chair Jerome Powell convened an urgent meeting with bank CEOs to warn of cyber risks posed by Anthropic's latest artificial intelligence model. OSFI sent the email to company executives on April 29. RAPIDLY CHANGING LANDSCAPE OSFI is responsible for regulating and maintaining the stability of Canada's financial sector, from banks to pension funds, and identifying risks emerging from foreign interference, geopolitics and new technology. The cyber capabilities of some frontier AI systems are considered so powerful that access has been restricted, with euro zone banks currently excluded from Mythos. Anthropic has also had a tumultuous relationship with the U.S. government.A judge blocked its initial blacklisting by the Pentagon in March, and the conflict has eased following the private release of Anthropic's Mythos. Three of Canada's big six banks - Royal Bank of Canada, TD Bank and BMO - have outlined a plan to earn millions from their investments in AI as the banks moved from experimental AI projects to applying them in chatbots, building internal tools and lowering their reliance on third-party tools. Bank of Nova Scotia, CIBC and National Bank have also disclosed several AI initiatives. The Canadian government has said it has access to Anthropic's Project Glasswing, which allows companies to have access to Mythos. It is not clear which, if any, banks in Canada are using it.Some banks deferred comments to the Canadian Bankers Association, which said banks have invested heavily to protect the financial system and are complying with robust requirements from OSFI on cyber risk management and incident reporting.In an interview in June, RBC's chief technology officer Bruce Ross said Mythos underscored a shift in the cyberattack landscape, making it imperative for organizations to respond rapidly since attack methods can emerge as soon as new vulnerabilities are identified. "The way we're (the industry) dealing with it is, building our own AI defenses... we'll continue to do that," Ross said. (Reporting by Nivedita Balu in Toronto; Editing by Caroline Stauffer and Deepa Babington)
Microsoft Bets on In-House AI to Cut OpenAI and Anthropic Costs
Microsoft Corp. (NASDAQ: MSFT) has taken steps to lessen its reliance on frontier AI models, though it's not an outright declaration of protest. In June, the tech giant launched its own proprietary AI models (Microsoft AI or MAI) across select applications in its Office suite. What this means for the user experience is an open question, but this is a clear margin play for Microsoft. The company competes in multiple areas of the AI infrastructure buildout. In a way that makes this move about controlling the controllables. → MarketBeat Week in Review - 07/06 - 07/10 Instead of experiencing death by a thousand cuts from OpenAI and Anthropic (i.e., the frontier models), Microsoft is trying to widen its existing moat and deliver strong returns on investment (ROI) from its AI spend. But will this be sufficient to alter the sentiment towards MSFT, which has declined approximately 20% year-to-date? Microsoft Expands MAI to Reduce Reliance on OpenAI Here's the news behind the news. Bloomberg reported that Microsoft is quietly routing some Excel and Outlook prompts to MAI, its in-house model family, rather than to OpenAI or Anthropic. Tens of thousands of prompts a week are already running on Microsoft's own tech. → Pushing the Edge: Super Micro Computer Reboots the AI Landscape That's still a small slice of total Copilot traffic. OpenAI and Anthropic handle most of it today. But the direction of that travel matters more than the current split, and Microsoft has made its intentions clear. At Build 2026 in June, Microsoft unveiled seven MAI models, including its first reasoning model, MAI-Thinking-1. The company says it matches Anthropic's Claude Opus 4.6 on coding tasks. AI chief Mustafa Suleyman put it bluntly: "We pay a lot of money to Anthropic, so our goal is to reduce and ultimately eliminate that cost." → Why WD-40 Is Proving Great Businesses Never Go Out of Style How Microsoft's In-House AI Could Boost Profit Margins For investors, an easy way to think about this is as follows. Copilot is a $30-per-seat subscription that, prior to the MAI launch, was running on top of someone else's expensive AI model by default. Every prompt costs Microsoft money to process, and multiplied across hundreds of millions of Office users, that bill adds up fast.
Monzo co-founder Blomfield joins Anthropic
This content has been selected, created and edited by the Finextra editorial team based upon its relevance and interest to our community. Blomfield revealed on X that he is taking a leave of absence from venture capital firm Y Combinator to join Anthropic co-founder and chief compute officer Tom Brown's compute team. Says Blomfield: "Powerful AI has the potential to improve the life of every human on earth and, as we enter the early stages of recursive self-improvement, availability of compute becomes one of the most important issues to solve." Having built Monzo up into a major player in the UK banking market, Blomfield transitioned from CEO to president in 2020. He left the following year, admitting that the pressure of growing the firm in the midst of a global pandemic had taken a toll on his mental health. Last year he kicked up a stir by tolling the death knell of the humble software engineer, claiming that AI will soon be "provably and obviously better at basically every facet" of coding. In a blog on AI's impact on the future of society, he wrote: "I'm extremely hopeful for the future. I think we may be able to cure basically every known disease. We may dramatically extend the human lifespan. This future could be very positive for humanity. "I'm also extremely worried. I think the short-term impact on hundreds of millions of people is going to be very profound, and I don't think many people are prepared."
Mulling AI investment, Anthropic lobbied Australia on copyright law
Australia's Labor government is under pressure to reject proposals that would allow AI models to use copyrighted works without payment. SYDNEY: Anthropic's chief executive Dario Amodei has lobbied Australian officials for "copyright reform" as the artificial intelligence giant seeks to make a major investment in the country, official briefing notes released Monday show. Amodei met Australia's treasurer Jim Chalmers in April to discuss plans to enter the Australian market, including building data centres. According to briefing notes released under freedom of information law, Amodei had requested the meeting to discuss barriers to AI training in Australia, "particularly copyright reform". Australia's centre-left Labor government is under pressure from musicians, screenwriters and artists to reject proposals they say seek to let AI models use copyrighted works for free. Prime Minister Anthony Albanese is set to deliver a speech on AI and "social licence" on Wednesday. A briefing note government officials had sent to Chalmers ahead of his meeting with Amodei said, "Anthropic will raise that investment in AI model development capability and associated infrastructure, like data centres, is contingent on clarity of copyright settings." In the US, Anthropic has argued AI training is covered as "fair use" of material, which does not require rightsholders' consent. The Australian officials disputed this in the briefing note, saying the matter was "not settled". In Australia, AI companies require permission from copyright holders through a voluntary licence. Anthropic was told Australia would not introduce a text and data mining exception in its copyright law and was in talks with a range of stakeholders over the issue. Anthropic "purports there is a 'long tail' of smaller rights holders which impedes efforts to identify and purchase licensing rights," the officials wrote. Anthropic did not immediately respond to a request for comment on the Australian meeting.
LTM partners with Anthropic to accelerate Claude adoption and expand enterprise delivery
LTM announced a partnership with Anthropic to accelerate enterprise-scale adoption of Claude, Claude Code and Claude Cowork across engineering, modernisation, and business workflows. LTM will combine Claude, Claude Code and Claude Cowork with its enterprise implementation expertise to help clients move from pilots to production with market-leading productivity, throughput, quality underscored by assurance and transparency. LTM will specifically bring this expertise and capability to BFSI, Hi-Tech, Consumer and Production Industry domains. The three strategic focus areas of partnership include: - LTM BlueVerse: AI delivery fabric: LTM BlueVerse AI Delivery Fabric will serve as the enterprise implementation layer for Claude adoption, integrating Claude and Claude Code into delivery workflows across AI-led software engineering, application modernisation, agent orchestration, Site Reliability Engineering (SRE), Observability, and Chaos Engineering - LTM AI1000: Talent enablement program: LTM will also scale its AI1000 initiative to train and deploy thousands of Claude-certified architects and Forward Deployed Engineers (FDEs) who can work with clients from assessment and architecture through assessment, implementation, and continuous improvement. - Claude CoE: LTM will establish a dedicated CoE for Claude as the partnership's scale engine - to build reusable Skills, agentic MVPs, reference architectures, and playbooks spanning cloud-native and platform-based applications. The CoE will provide governance backbone across responsible use, agent lifecycle, model governance, and data-privacy/residency compliance. It will also keep delivery aligned with Claude's evolving capabilities. "LTM brings delivery expertise, trained people, and long-standing client relationships across industries, and their customers want to embed Claude into the systems they rely on. LTM is embedding Claude and Claude Code in BlueVerse, bringing trusted frontier AI technology to the centre of how they do what they do best - help their clients build, modernise, and run their software," said Chris Ciauri, Managing Director of International, Anthropic. "LTM helps clients accelerate AI adoption and translate AI investments into measurable business outcomes through our partnership with Anthropic. Combining Claude with LTM's BlueVerse ecosystem, deep domain expertise, technology capabilities, and AI1000 talent initiative creates a powerful foundation for enterprises to embed AI across their business and modernise at scale," said Venu Lambu, CEO and Managing Director, LTM. The partnership will include joint go-to-market initiatives focussed on measurable business outcomes. LTM will also scale internal adoption by embedding Claude, Claude Code, and Claude Cowork into its delivery model to establish consistent adoption patterns and market-leading productivity benchmarks across the SDLC, with autonomous learning feedback into the Claude CoE and BlueVerse ecosystem.
Palantir CEO criticizes OpenAI, Anthropic over AI token value concerns
https://scoop.upworthy.com/billionaire-reveals-hes-supporting-landlord-to-sheltered-him-and-mom Palantir CEO Alex Karp has publicly criticized OpenAI's Sam Altman and Anthropic's Dario Amodei, accusing them of charging Fortune 500 companies for AI tokens that allegedly offer no real value. In a recent interview, Karp suggested that these tech leaders are exploiting enterprises by charging for services that fail to deliver tangible business outcomes while potentially misusing proprietary data. This criticism comes amid growing dissatisfaction among enterprises with the high costs and low returns from token-based AI models. Karp's comments highlight ongoing tensions in the AI sector, where companies are increasingly skeptical of the current pricing models offered by leading AI labs. Key Takeaways * Palantir CEO Alex Karp's remarks appear to suggest skepticism over the value and honesty of token-based AI services provided by OpenAI and Anthropic. * Market pricing indicates a potential impact on Anthropic's valuation, with the likelihood of hitting high targets by December 31 showing varied confidence. * The broader AI market is experiencing a shift in sentiment as enterprises reconsider the return on investment from token-based AI models. What to Watch Markets may closely monitor how Anthropic and OpenAI respond to Karp's allegations, which could influence future enterprise contracts and partnerships. Any official statements or strategic shifts from these companies could further affect Anthropic's market valuation trajectory. Additionally, watch for any changes in investment activity or partnership announcements, particularly from major investors like Amazon and Google, which could provide further insight into market confidence. Get live prediction-market analysis, powered by Vera. Sign up for Vera.
Mulling AI Investment, Anthropic Lobbied Australia on Copyright Law
Anthropic's chief executive Dario Amodei has lobbied Australian officials for "copyright reform" as the artificial intelligence giant seeks to make a major investment in the country, official briefing notes released Monday show. Amodei met Australia's Treasurer Jim Chalmers in April to discuss plans to enter the Australian market, including building data centers, AFP reported. According to briefing notes released under freedom of information law, Amodei had requested the meeting to discuss barriers to AI training in Australia, "particularly copyright reform". Australia's center-left Labor government is under pressure from musicians, screenwriters and artists to reject proposals they say seek to let AI models use copyrighted works for free. Prime Minister Anthony Albanese is set to deliver a speech on AI and "social license" on Wednesday. A briefing note government officials had sent to Chalmers ahead of his meeting with Amodei said: "Anthropic will raise that investment in AI model development capability and associated infrastructure, like data centers, is contingent on clarity of copyright settings." In the United States, Anthropic has argued AI training is covered as "fair use" of material, which does not require rightsholders' consent. The Australian officials disputed this in the briefing note, saying the matter was "not settled". In Australia, AI companies require permission from copyright holders through a voluntary license. Anthropic was told Australia would not introduce a text and data mining exception in its copyright law, and was in talks with a range of stakeholders over the issue. Anthropic "purport there is a 'long tail' of smaller rights holders which impedes efforts to identify and purchase licensing rights", the officials wrote. Anthropic did not immediately respond to a request for comment on the Australian meeting.
Mulling AI investment, Anthropic lobbied Australia on copyright law
Anthropic's chief executive Dario Amodei has lobbied Australian officials for "copyright reform" as the artificial intelligence giant seeks to make a major investment in the country, official briefing notes released Monday show. According to briefing notes released under freedom of information law, Amodei had requested the meeting to discuss barriers to AI training in Australia, "particularly copyright reform". Anthropic's chief executive Dario Amodei has lobbied Australian officials for "copyright reform" as the artificial intelligence giant seeks to make a major investment in the country, official briefing notes released Monday show. Amodei met Australia's Treasurer Jim Chalmers in April to discuss plans to enter the Australian market, including building data centres. According to briefing notes released under freedom of information law, Amodei had requested the meeting to discuss barriers to AI training in Australia, "particularly copyright reform". Australia's centre-left Labor government is under pressure from musicians, screenwriters and artists to reject proposals they say seek to let AI models use copyrighted works for free. Prime Minister Anthony Albanese is set to deliver a speech on AI and "social licence" on Wednesday. A briefing note government officials had sent to Chalmers ahead of his meeting with Amodei said: "Anthropic will raise that investment in AI model development capability and associated infrastructure, like data centres, is contingent on clarity of copyright settings." In the United States, Anthropic has argued AI training is covered as "fair use" of material, which does not require rightsholders' consent. The Australian officials disputed this in the briefing note, saying the matter was "not settled". In Australia, AI companies require permission from copyright holders through a voluntary licence. Anthropic was told Australia would not introduce a text and data mining exception in its copyright law, and was in talks with a range of stakeholders over the issue. Anthropic "purport there is a 'long tail' of smaller rights holders which impedes efforts to identify and purchase licensing rights", the officials wrote. Anthropic did not immediately respond to a request for comment on the Australian meeting.
SpaceX and Amazon are tech dopplegangers worth $4.5 trillion -- and they're headed for a collision
A charismatic founder with near-obsessive conviction, a business that bleeds money, and a stock price based on a wildly optimistic valuation. In 1997, Jeff Bezos took Amazon public at a price of $18 per share at a $438 million valuation. The online bookseller's stock would then crater 90% after the dot-com bubble burst, before flourishing into a $2.6 trillion conglomerate that raked in $77.7 billion last year. Enter SpaceX in 2026. Founded by Elon Musk, the company lost $4.9 billion last year, and went public at $135 a share in June, with a valuation that quickly rose to a sky-high $2 trillion. The two mega-cap companies are primarily known for businesses that have little in common, with Amazon dominating the online retail business while SpaceX has become the world's leading rocket maker. But look a little closer, and the two companies have strikingly similar silhouettes which seem likely to bump up against each other ever more frequently as they compete on the public market stage. Perhaps more than any other tech companies out there today, Amazon and SpaceX are both conglomerates with broad collections of assets and businesses that each believe work together to create a more powerful whole. Both companies offer satellite-beamed high-speed internet access. They're both in the cloud computing and AI infrastructure business with expensive data centers. Chips? Amazon's Trainium and Graviton processors hit an annual revenue run rate above $20 billion in Q1, nearly doubling the $10 billion run rate from the previous quarter. SpaceX has a chip-manufacturing initiative called Terafab with a goal of producing one terawatt of compute hardware each year. Amazon and SpaceX each also have advertising platforms, with Amazon ginning up $68.6 billion in ad revenue last year while SpaceX's X platform -- the social media service formerly known as Twitter -- lived inside the AI segment that posted a $6.4 billion operating loss. If you squint, you can see them as doppelgängers with one big difference -- or to be more accurate, nearly 700 billion differences. Amazon hit $716.9 billion in revenue in 2025 and $80 billion in operating income compared to SpaceX's $18.7 billion of revenue and a $2.6 billion operating loss. Investors are focused on the opportunity ahead, of course. Amazon trades at roughly 3.6 times last year's sales and about 28 times forward earnings. SpaceX trades at about 97 times sales, and had a $4.9 billion net loss. "You're basically buying [SpaceX] at an Amazon valuation when it has one-twentieth the revenue of Amazon," said Jim Lebenthal, a veteran investor and chief markets strategist at Cerity Partners. "SpaceX is an incredibly cool company -- it's amazing, everything they're doing. I also think it's wildly overvalued right now." Looking at the rival companies piece by piece, you can see that in nearly every competitive line of business, Amazon is more profitable and growing. But it was also the company that took a nosedive that nobody wanted to own on the way down. Whether SpaceX can fill its shoes requires an extraordinary amount to go right, said Lebenthal. Here's a look at how the two multi-trillion tech conglomerates stack up. Satellites Starlink, SpaceX's high-speed satellite-based internet service, is the company's current golden child, with $11.4 billion in revenue last year. It counts United Airlines, Carnival, Maersk, and John Deere as customers, and grew 50% year over year, with $4.4 billion in operating income at a 39% margin. Starlink is SpaceX's only profitable segment and a sum-of-the parts analysis from investment bank Stifel last week valued it at $1.25 trillion, just more than half of SpaceX's $2.45 trillion enterprise value. But there's a caveat. FactSet projects SpaceX will need to raise roughly $250 billion in debt over the next four years to fund its growth, according to Lebenthal, so a lot is riding on Starlink's shoulders. Amazon is the runt in this match-up. While Starlink has 9,600 satellites deployed and still in orbit, Amazon's Leo has just started to really get into a groove with about 330 satellites, according to Stifel. But Amazon sees big potential in space. In April, Amazon agreed to acquire Globalstar for $11.6 billion with the goal of expanding Leo's satellite network. And the company recently unveiled enterprise-grade Leo Ultra, which it says is the fastest satellite-internet antenna ever built. Amazon also inkeddeals with Delta Airlines and Jet Blue to expand wi-fi access on hundreds of aircraft in 2028. Cloud and Compute Amazon essentially invented the cloud business, and the company has the clear advantage right now. Amazon Web Services (AWS) posted $128.7 billion in revenue in 2025, with $45.6 billion in operating income at a 35% margin. AWS picked up the pace in the first quarter, growing 28% to $37.6 billion in revenue. Anthropic uses Amazon Trainium 2 chips to train Claude, and Amazon CEO Andy Jassy told investors that AWS's AI revenue run rate topped $15 billion in Q1 2026 and is "ascending rapidly." SpaceX is moving fast though. The company already has Colossus I and II data centers, and has signed lease deals with Anthropic and Google. And the company says its ultimate goal is to send the AI buildout into orbit. In 2025, SpaceX's AI segment generated $3.2 billion in total revenue against a $6.4 billion operating loss and in the first quarter of 2026 it lost $2.5 billion on $818 million in revenue. Dan Niles, founder of Niles Investment Management said SpaceX's compute operation today is more at a level with $5 billion CoreWeave or Amsterdam-based Nebius rather than at the level of AWS. "I don't view them as similar companies at all," said Niles. Justin Menne, a portfolio manager at Harbor Capital, sees it in terms of visibility. Amazon has a contracted backlog of $364 billion and competitive inference chips, he said, while SpaceX has plans to build. "I think in order to believe that the total enterprise value makes sense here, you're inherently giving a lot of credibility to the management team, the engineering team, in order to actually execute," said Menne. The Musk factor Menne said he hadn't done any modeling on how much the Musk premium adds to SpaceX's valuation but the non-technical answer is, "a lot," he said. Lebenthal admires Musk's accomplishments but called him "a source of discomfort" for some value investors. "It's because he says outlandishly optimistic things," Lebenthal said, Musk projected $1 trillion in revenue at SpaceX by 2030, while Lebenthal noted estimated revenues are about $40 billion for 2026. "You can't just say that and $960 billion of incremental revenue is going to come to the table," he said. SpaceX is an innovation stock that really appeals to investors who are dreamers, he added, like Ark Invest's Cathie Wood. On SpaceX's first day of trading, Wood's Ark invested about half a billion in SpaceX, and has purchased more as the price has ebbed since its opening day. Amazon founder Jeff Bezos has a similar larger-than-life profile and reputation for entrepreneurial genius as Musk does. But Bezos transitioned from CEO to executive chairman in 2021 (he still reportedly has some involvement in important priorities like AI, but his day-to-day attention seems focused on Blue Origin, his space exploration company, and Prometheus, a new AI startup he cofounded). Harbor Capital's Menne said there is no equivalent key-man premium at Amazon because "the current value of the company is less reliant on the next five years of executing on something that doesn't already exist." That said, Niles said there's a clear alternative for investors drawn to Musk. The other public company where he serves as CEO, Tesla, has near-term initiatives that include robotics, autonomous fleets, and energy storage which "are likely to come to fruition before a colony on Mars," said Niles. Still, the Musk premium can't be discounted. "Elon has this talent for making money for investors, even if crazy projections don't play out," said Menne. The $28.5 trillion TAM SpaceX's prospectus claims a total addressable market of $28.5 trillion -- roughly the size of the U.S. GDP. Of that, $22.7 trillion is a third-party estimate of the entire global "digital economy." Value-minded Lebenthal noted that "it's earnings you want, not TAM." Menne said the enterprise AI portion "is really hard to underwrite because companies have only just started actually charging for a lot of these services in a way that's not gross-margin negative." Niles added that there's inherent competition in that stratospheric figure. "There are some really pretty good companies in that space," he said. "Maybe you can take all that share from Microsoft and others, but I think Microsoft is a pretty good company." SpaceX is targeting a $1.6 trillion market for connectivity and $26.5 trillion for AI. But Amazon Leo is also gunning for the former. Amazon's AWS generated $128.7 billion in cloud revenue last year, and hosts Anthropic and OpenAI while presiding over a $364 billion contracted backlog. Both can throw down gauntlets over the TAM, but Amazon can point to revenue of $716 billion last year to SpaceX's $18.7 billion. The post SpaceX and Amazon are tech dopplegangers worth $4.5 trillion -- and they're headed for a collision appeared first on Fortune.
How Low Can SpaceX Stock Go?
Space Exploration Technologies (SPCX 4.51%) went public on June 12. Its stock promptly soared to a peak of $225, giving the company a whopping $2.9 trillion market capitalization, but it has since plummeted by 35% to close at $145 on Friday, July 10. SpaceX has a unique business that spans space transportation, satellite internet connectivity, and artificial intelligence (AI) infrastructure, and its revenue is forecast to grow rapidly over the next couple of years. However, its stock remains extremely expensive even after its recent decline, which could open the door to more losses for investors. How low can SpaceX stock go? SpaceX has a significant opportunity ahead Before we dive into SpaceX's hefty valuation and the math behind a potential decline in its stock, let's examine the company's business, which does have significant growth potential. It's divided into three core segments: SpaceX already accounts for over 80% of the world's mass to orbit, so it's launching more commercial payloads than any other company or organization on the planet. Its market share will only grow once its Starship rocket enters regular service, because its 100-ton payload capacity is four times that of the Falcon 9 rocket, which completes most trips today. The connectivity business is also set to receive a massive boost, as SpaceX will start launching its V3 satellites later this year, which offer a whopping 10 times the bandwidth of the current V2 satellites. Moreover, Starship will launch 60 V3 satellites into orbit per trip, whereas Falcon 9 is only capable of sending 27 at a time. Moving on to the AI segment, most of its revenue comes from Grok subscriptions and renting data center capacity to other companies. When SpaceX bought xAI, it took ownership of data centers like Colossus and Colossus II, which are fitted with hundreds of thousands of specialized AI chips from suppliers like Nvidia and Advanced Micro Devices. SpaceX eventually wants to send AI computing clusters into space, where they will run on solar power and won't need complex cooling systems. This infrastructure would send data back to Earth via Starlink satellites, giving SpaceX a huge advantage over any potential competitors entering this industry. Although Elon Musk founded SpaceX to focus on space exploration and transportation, the company values its opportunity in this segment at just $370 billion. That pales in comparison to the potential $1.6 trillion addressable market in the connectivity business, and the staggering $26.5 trillion opportunity in the AI infrastructure business. SpaceX stock is trading at a sky-high premium to the broader market SpaceX generated $18.7 billion in total revenue during 2025, which was up 33% from the prior year. This was the composition: Data source: SpaceX. While connectivity was the largest and fastest-growing segment last year, that looks set to change. SpaceX recently agreed to rent up to $1.25 billion in AI computing capacity per month to Anthropic, in addition to another $920 million per month to Alphabet, and $150 million per month to Reflection AI. These deals could amount to tens of billions of dollars in annual revenue over the next few years. In fact, Wall Street's average forecast (provided by Yahoo! Finance) suggests SpaceX could more than double its revenue to $38.8 billion in 2026 and then generate $72.4 billion in revenue in 2027. That brings me to its valuation. Based on SpaceX's trailing 12-month revenue and its $1.91 trillion market capitalization, its stock is trading at a price-to-sales (P/S) ratio of 98.9, making it 15 times as expensive as the Nasdaq-100 index, which has a P/S ratio of just 6.4. In other words, SpaceX is wildly overvalued relative to its big-tech peers. Even if we value SpaceX stock using Wall Street's 2027 revenue forecast, its forward P/S ratio is still a hefty 26.3. I'm not predicting this will happen, but the stock would have to plummet by 76% over the next 18 months just to trade in line with the current P/S ratio of the Nasdaq-100 index. In my opinion, the math suggests SpaceX stock will have a tough time generating upside for the foreseeable future, and I won't be surprised to see a decline of 50% (or more), particularly if the company fails to meet Wall Street's revenue expectations.
Musk Collects R40 Billion A Month In AI Rent From Google And Anthropic
Anthropic pays SpaceX $1.25 billion a month for compute. Google pays $920 million. Combined, the two AI leases are worth more than SpaceX entire 2025 revenue. Musk is the landlord of the AI race. Anthropic agreed to pay SpaceX $1.25 billion (R22.9 billion) every month for three years to rent GPU capacity at the Colossus 1 datacentre in Memphis, Tennessee. The deal, signed in May, gives Anthropic access to more than 220,000 Nvidia GPUs and over 300 megawatts of compute, which is roughly the power draw of a small city. Google signed its own lease weeks later. The search giant will pay SpaceX $920 million (R16.8 billion) a month starting October, for roughly 110,000 GPUs, running through June 2029. Combined, the two contracts are worth $2.17 billion (R39.7 billion) a month, or about $26 billion (R476 billion) a year, which is more than SpaceX's entire 2025 revenue of $18.67 billion (R341.7 billion), according to the company's S-1 filing. One tenant, paying monthly rent, nearly matching the whole company's annual turnover. (Landlord of the year, frankly.) Both companies are paying for infrastructure that was built for xAI, Musk's AI venture, which SpaceX acquired in February in an all-stock deal valued at roughly $1.25 trillion (R22.9 trillion). The merged entity went public in June at $1.77 trillion (R32.4 trillion), closing its first day of trading above $2.1 trillion (R38.4 trillion) on Nasdaq under the ticker SPCX. It was the largest IPO in history. SpaceX builds the datacentres, AI companies pay rent on them, and the rent now exceeds every other revenue line the company has. Starlink, the satellite internet business that was SpaceX's main income source, generated $11.4 billion (R208.6 billion) in 2025. The two AI leases will generate more than double that, annually, from two customers alone. The deals exist because the AI industry has run into a wall that money alone cannot fix: there are not enough chips, power, or datacentres on Earth to meet demand. Anthropic needs the capacity for its Claude models. Google needs what it calls "bridge capacity" for Gemini Enterprise, its agentic AI platform, which has grown faster than even Google's own infrastructure can handle. In January, SpaceX filed an application with the US Federal Communications Commission for permission to launch and operate up to one million satellites as part of its Orbital Data Center system, internally called Starmind. The AI1 satellite design features a 70-metre wingspan and a 150-kilowatt peak compute payload, with interchangeable hardware for different processors. Musk has said he wants to begin launching them by 2028, using Starship, and has described space as "the only way to scale AI." The rationale is uninterruptible solar power and lower cooling costs, the two biggest operating expenses for Earth-based datacentres. Nvidia has already built a chip for this. The Space-1 Vera Rubin Module, announced at GTC 2026, is designed to deliver datacentre-class AI compute in space, with up to 25 times the AI compute power per GPU compared with the H100. It is expected to be available in 2027. Whether the orbital datacentres arrive on schedule is a separate question (they will not). The Earth-based revenue is already real. Anthropic's contract alone could generate more than $40 billion (R732 billion) over its three-year term. Google's deal adds another $30 billion (R549 billion) if it runs to completion. The termination clauses are loose: Google can exit with 90 days' notice after December, and Anthropic's ramp-up period has already passed. Musk, in other words, has found a way to charge rent to the companies building the future. Whoever's model wins, Claude or Gemini or his own Grok, the landlord gets paid. [Sources: Tom's Hardware, Anthropic, Teslarati & FCC]
SpaceX and Amazon are tech dopplegangers worth $4.5 trillion -- and they're headed for a collision | Fortune
A charismatic founder with near-obsessive conviction, a business that bleeds money, and a stock price based on a wildly optimistic valuation. In 1997, Jeff Bezos took Amazon public at a price of $18 per share at a $438 million valuation. The online bookseller's stock would then crater 90% after the dot-com bubble burst, before flourishing into a $2.6 trillion conglomerate that raked in $77.7 billion last year. Enter SpaceX in 2026. Founded by Elon Musk, the company lost $4.9 billion last year, and went public at $135 a share in June, with a valuation that quickly rose to a sky-high $2 trillion. The two mega-cap companies are primarily known for businesses that have little in common, with Amazon dominating the online retail business while SpaceX has become the world's leading rocket maker. But look a little closer, and the two companies have strikingly similar silhouettes which seem likely to bump up against each other ever more frequently as they compete on the public market stage. Perhaps more than any other tech companies out there today, Amazon and SpaceX are both conglomerates with broad collections of assets and businesses that each believe work together to create a more powerful whole. Both companies offer satellite-beamed high-speed internet access. They're both in the cloud computing and AI infrastructure business with expensive data centers. Chips? Amazon's Trainium and Graviton processors hit an annual revenue run rate above $20 billion in Q1, nearly doubling the $10 billion run rate from the previous quarter. SpaceX has a chip-manufacturing initiative called Terafab with a goal of producing one terawatt of compute hardware each year. Amazon and SpaceX each also have advertising platforms, with Amazon ginning up $68.6 billion in ad revenue last year while SpaceX's X platform -- the social media service formerly known as Twitter -- lived inside the AI segment that posted a $6.4 billion operating loss. If you squint, you can see them as doppelgängers with one big difference -- or to be more accurate, nearly 700 billion differences. Amazon hit $716.9 billion in revenue in 2025 and $80 billion in operating income compared to SpaceX's $18.7 billion of revenue and a $2.6 billion operating loss. Investors are focused on the opportunity ahead, of course. Amazon trades at roughly 3.6 times last year's sales and about 28 times forward earnings. SpaceX trades at about 97 times sales, and had a $4.9 billion net loss. "You're basically buying [SpaceX] at an Amazon valuation when it has one-twentieth the revenue of Amazon," said Jim Lebenthal, a veteran investor and chief markets strategist at Cerity Partners. "SpaceX is an incredibly cool company -- it's amazing, everything they're doing. I also think it's wildly overvalued right now." Looking at the rival companies piece by piece, you can see that in nearly every competitive line of business, Amazon is more profitable and growing. But it was also the company that took a nosedive that nobody wanted to own on the way down. Whether SpaceX can fill its shoes requires an extraordinary amount to go right, said Lebenthal. Here's a look at how the two multi-trillion tech conglomerates stack up. Satellites Starlink, SpaceX's high-speed satellite-based internet service, is the company's current golden child, with $11.4 billion in revenue last year. It counts United Airlines, Carnival, Maersk, and John Deere as customers, and grew 50% year over year, with $4.4 billion in operating income at a 39% margin. Starlink is SpaceX's only profitable segment and a sum-of-the parts analysis from investment bank Stifel last week valued it at $1.25 trillion, just more than half of SpaceX's $2.45 trillion enterprise value. But there's a caveat. FactSet projects SpaceX will need to raise roughly $250 billion in debt over the next four years to fund its growth, according to Lebenthal, so a lot is riding on Starlink's shoulders. Amazon is the runt in this match-up. While Starlink has 9,600 satellites deployed and still in orbit, Amazon's Leo has just started to really get into a groove with about 330 satellites, according to Stifel. But Amazon sees big potential in space. In April, Amazon agreed to acquire Globalstar for $11.6 billion with the goal of expanding Leo's satellite network. And the company recently unveiled enterprise-grade Leo Ultra, which it says is the fastest satellite-internet antenna ever built. Amazon also inked deals with Delta Airlines and Jet Blue to expand wi-fi access on hundreds of aircraft in 2028. Cloud and Compute Amazon essentially invented the cloud business, and the company has the clear advantage right now. Amazon Web Services (AWS) posted $128.7 billion in revenue in 2025, with $45.6 billion in operating income at a 35% margin. AWS picked up the pace in the first quarter, growing 28% to $37.6 billion in revenue. Anthropic uses Amazon Trainium 2 chips to train Claude, and Amazon CEO Andy Jassy told investors that AWS's AI revenue run rate topped $15 billion in Q1 2026 and is "ascending rapidly." SpaceX is moving fast though. The company already has Colossus I and II data centers, and has signed lease deals with Anthropic and Google. And the company says its ultimate goal is to send the AI buildout into orbit. In 2025, SpaceX's AI segment generated $3.2 billion in total revenue against a $6.4 billion operating loss and in the first quarter of 2026 it lost $2.5 billion on $818 million in revenue. Dan Niles, founder of Niles Investment Management said SpaceX's compute operation today is more at a level with $5 billion CoreWeave or Amsterdam-based Nebius rather than at the level of AWS. "I don't view them as similar companies at all," said Niles. Justin Menne, a portfolio manager at Harbor Capital, sees it in terms of visibility. Amazon has a contracted backlog of $364 billion and competitive inference chips, he said, while SpaceX has plans to build. "I think in order to believe that the total enterprise value makes sense here, you're inherently giving a lot of credibility to the management team, the engineering team, in order to actually execute," said Menne. The Musk factor Menne said he hadn't done any modeling on how much the Musk premium adds to SpaceX's valuation but the non-technical answer is, "a lot," he said. Lebenthal admires Musk's accomplishments but called him "a source of discomfort" for some value investors. "It's because he says outlandishly optimistic things," Lebenthal said, Musk projected $1 trillion in revenue at SpaceX by 2030, while Lebenthal noted estimated revenues are about $40 billion for 2026. "You can't just say that and $960 billion of incremental revenue is going to come to the table," he said. SpaceX is an innovation stock that really appeals to investors who are dreamers, he added, like Ark Invest's Cathie Wood. On SpaceX's first day of trading, Wood's Ark invested about half a billion in SpaceX, and has purchased more as the price has ebbed since its opening day. Amazon founder Jeff Bezos has a similar larger-than-life profile and reputation for entrepreneurial genius as Musk does. But Bezos transitioned from CEO to executive chairman in 2021 (he still reportedly has some involvement in important priorities like AI, but his day-to-day attention seems focused on Blue Origin, his space exploration company, and Prometheus, a new AI startup he cofounded). Harbor Capital's Menne said there is no equivalent key-man premium at Amazon because "the current value of the company is less reliant on the next five years of executing on something that doesn't already exist." That said, Niles said there's a clear alternative for investors drawn to Musk. The other public company where he serves as CEO, Tesla, has near-term initiatives that include robotics, autonomous fleets, and energy storage which "are likely to come to fruition before a colony on Mars," said Niles. Still, the Musk premium can't be discounted. "Elon has this talent for making money for investors, even if crazy projections don't play out," said Menne. The $28.5 trillion TAM SpaceX's prospectus claims a total addressable market of $28.5 trillion -- roughly the size of the U.S. GDP. Of that, $22.7 trillion is a third-party estimate of the entire global "digital economy." Value-minded Lebenthal noted that "it's earnings you want, not TAM." Menne said the enterprise AI portion "is really hard to underwrite because companies have only just started actually charging for a lot of these services in a way that's not gross-margin negative." Niles added that there's inherent competition in that stratospheric figure. "There are some really pretty good companies in that space," he said. "Maybe you can take all that share from Microsoft and others, but I think Microsoft is a pretty good company." SpaceX is targeting a $1.6 trillion market for connectivity and $26.5 trillion for AI. But Amazon Leo is also gunning for the former. Amazon's AWS generated $128.7 billion in cloud revenue last year, and hosts Anthropic and OpenAI while presiding over a $364 billion contracted backlog. Both can throw down gauntlets over the TAM, but Amazon can point to revenue of $716 billion last year to SpaceX's $18.7 billion.
LTM Partners with Anthropic to Accelerate Claude Adoption and Expand Enterprise Delivery
Claude and Claude Code embedded into LTM BlueVerse™ AI Delivery Fabric to power AI-led transformations MUMBAI, India -- LTM, the Business Creativity partner to the world's largest enterprises, today announced a partnership with Anthropic, the frontier AI company behind Claude, to accelerate enterprise-scale adoption of Claude, Claude Code and Claude Cowork across engineering, modernization, and... Claude and Claude Code embedded into LTM BlueVerse AI Delivery Fabric to power AI-led transformations MUMBAI, India -- LTM, the Business Creativity partner to the world's largest enterprises, today announced a partnership with Anthropic, the frontier AI company behind Claude, to accelerate enterprise-scale adoption of Claude, Claude Code and Claude Cowork across engineering, modernization, and business workflows. LTM will combine Claude, Claude Code and Claude Cowork with its enterprise implementation expertise to help clients move from pilots to production with market-leading productivity, throughput, quality underscored by assurance and transparency. LTM will specifically bring this expertise and capability to BFSI, Hi-Tech, Consumer and Production Industry domains. The three strategic focus areas of partnership include: * LTM BlueVerse: AI Delivery Fabric LTM BlueVerse AI Delivery Fabric will serve as the enterprise implementation layer for Claude adoption, integrating Claude and Claude Code into delivery workflows across AI-led software engineering, application modernization, agent orchestration, Site Reliability Engineering (SRE), Observability, and Chaos Engineering. * LTM AI1000: Talent Enablement program LTM will also scale its AI1000 initiative to train and deploy thousands of Claude-certified architects and Forward Deployed Engineers (FDEs) who can work with clients from assessment and architecture through assessment, implementation, and continuous improvement. * Claude Center of Excellence (CoE) LTM will establish a dedicated Center of Excellence (CoE) for Claude as the partnership's scale engine - to build reusable Skills, agentic MVPs, reference architectures, and playbooks spanning cloud-native and platform-based applications. The CoE will provide governance backbone across responsible use, agent lifecycle, model governance, and data-privacy/residency compliance. It will also keep delivery aligned with Claude's evolving capabilities. "LTM brings delivery expertise, trained people, and long-standing client relationships across industries, and their customers want to embed Claude into the systems they rely on. LTM is embedding Claude and Claude Code in BlueVerse, bringing trusted frontier AI technology to the center of how they do what they do best - help their clients build, modernize, and run their software," said Chris Ciauri, Managing Director of International, Anthropic. "LTM helps clients accelerate AI adoption and translate AI investments into measurable business outcomes through our partnership with Anthropic. Combining Claude with LTM's BlueVerse ecosystem, deep domain expertise, technology capabilities, and AI1000 talent initiative creates a powerful foundation for enterprises to embed AI across their business and modernize at scale," said Venu Lambu, CEO and Managing Director, LTM. The partnership will include joint go-to-market initiatives focussed on measurable business outcomes. LTM will also scale internal adoption by embedding Claude, Claude Code, and Claude Cowork into its delivery model to establish consistent adoption patterns and market-leading productivity benchmarks across the SDLC, with autonomous learning feedback into the Claude CoE and BlueVerse ecosystem. About LTM LTM -- a Larsen & Toubro Group Company -- is an AI-centric global technology services company and the Business Creativity partner to the world's largest enterprises. We bring human insights and intelligent systems together to help clients create greater value at the intersection of technology and domain expertise. Our capabilities span integrated operations, transformation, and business AI -- enabling new ways of working, new productivity paradigms, and new roads to value. Together with over 87,000 employees across 40 countries and our global network of partners, LTM owns outcomes for our clients, helping them not just outperform the market, but Outcreate it. Read more at LTM.com. View source version on businesswire.com: https://www.businesswire.com/news/home/20260712251521/en/ Contacts Media Contact: Shambhavi Revandkar | Global Media Relations | [email protected]
IT Stock Jumps 6% After Announcing Strong Q1 Results and AI Partnership with Anthropic
Synopsis: A leading IT services major kicked off FY27 with strong revenue growth, expanding margins, and a widening base of large clients. The quarter also brought a strategic European acquisition, a major AI partnership, and a reorganized business structure aimed at sharper industry focus. The June quarter turned out to be a busy one for this technology services company, with growth accelerating on the back of an AI-led strategy that management says is now translating into real client wins rather than just talk. Alongside healthy financial numbers, the quarter saw a sizeable European acquisition move forward and a new tie-up with a leading AI company. With a market capitalization of Rs.1,21,622crore, the shares of LTM Limited were trading at Rs. 4,100 per share and with a 52-week range of Rs. 6,429 to Rs. 3,528, and it is trading at a P/E of approximately 22x. The stock is up by 6 percent from the day's low after the partnership announcement with Anthropic. Financial Performance For the quarter ended June 2026, LTM reported consolidated revenue of ₹11,608 crore, up 18% year-on-year and 2.8% sequentially. In dollar terms, revenue came in at $1,223.5 million, growing a modest 6.1% YoY but nearly flat quarter-on-quarter at just 0.1%, reflecting currency headwinds even as the underlying business kept expanding. Profitability told an even better story. EBIT stood at ₹1,799.3 crore, rising a sharp 27.9% YoY, pushing EBIT margin up by 120 basis points to 15.5%. Net profit came in at ₹1,468.6 crore, up 17.1% YoY and 9.5% sequentially. Basic EPS for the quarter was ₹49.46. Order inflow remained healthy at $1.68 billion, up 3.1% YoY, giving the company a reasonably strong pipeline heading into the rest of FY27. AI Strategy Starts Showing Up in Numbers Management was clear that the company's AI-first approach is no longer just a talking point on investor calls. CEO and MD Venu Lambu noted that the AI pivot is now producing tangible proof points for clients, visible in the outcomes the company is creating and in the size and nature of the engagements being won. The strong order book, paired with a healthy pipeline across industry segments, gives the company reasonable confidence about sustaining growth momentum through the year. This shows up clearly in the client mining numbers. The count of $5 million-plus clients rose to 170, up 11 accounts YoY, while $10 million-plus clients climbed to 104, an addition of 14. The $20 million-plus bracket grew to 52 clients, up 11 YoY, and the $50 million-plus category rose to 15, adding one more large account. The company also picked up 16 new active clients during the quarter, taking its total active client base to 740. Anthropic Partnership: Betting Big on Claude Just after the results, LTM partnered with Anthropic to scale enterprise adoption of Claude, Claude Code, and Claude Cowork across its delivery operations. The tie-up rests on three pillars. First, Claude and Claude Code get embedded into LTM's BlueVerse AI Delivery Fabric, powering software engineering, application modernization, agent orchestration, site reliability engineering, observability, and chaos engineering, making AI part of core delivery rather than a side pilot. Second, the AI1000 program will train and deploy thousands of Claude-certified architects and forward-deployed engineers who can guide clients from assessment through implementation and continuous improvement. Third, a dedicated Claude Center of Excellence will build reusable AI skills and reference architectures while serving as a governance backbone covering responsible AI use, agent lifecycle management, and data privacy compliance as a priority for enterprise clients cautious about AI rollouts. The partnership spans BFSI, Hi-Tech, Consumer, and production sectors, underscoring how central AI has become to the company's growth strategy. Europe Expansion and Business Reorganisation The quarter also saw the company sign a Put Option Deed to acquire Randstad Digital's operations spanning the Netherlands, Australia, France, and several other European markets in a deal valued at up to EUR 160 million. Once concluded, this is expected to strengthen the company's digital engineering footprint in key international markets. Alongside this, the company restructured its reporting segments into four customer-facing verticals to sharpen industry focus: Financial Services (formerly BFSI), Consumer (which now includes the Healthcare, Life Sciences, and Public Services businesses), Technology & Services (which now includes Media & Entertainment alongside the remaining tech businesses), and Production (formerly Manufacturing & Resources). On the people side, the company closed the quarter with 87,886 employees, utilization excluding trainees at 86.4%, and trailing twelve-month attrition holding steady at 13.3%, suggesting a fairly stable execution engine even as the company chases bigger, more complex deals. Verdict Between accelerating growth, expanding margins, a large European acquisition, and a fresh AI partnership, this was a quarter where multiple strategic threads came together at once. Whether these moves translate into sustained outperformance will depend on how quickly the AI investments and the European integration start showing up in the numbers over the coming quarters.
