Diversified cash flows in the billions make the AI-buildout basket more appealing than standalone model companies. Many members look reasonably priced and have longer records of delivering returns; Anthropic and OpenAI look much more like gambles at current valuations, though either could appeal at the right price. A possible equal-weight portfolio to revisit in five years includes Amazon, Alphabet, Microsoft, Meta, Oracle and SpaceX. x.com  x.com 

Amazon, Alphabet, Salesforce and Zoom are the public way to own Anthropic, whose run-rate revenue has passed $30B from about $9B at end-2025, with Claude Code above $2.5B and a rumored next valuation of $850-900B+. Amazon's stake is marked above $70B, about 2.4% of its market cap; Alphabet's possible 15% stake is worth about $57B, or 1.2%; Salesforce's estimated 1% stake is about 2.2% of its value; and Zoom's estimated $2-4B stake is 6-13%. Microsoft and Nvidia's exposure is negligible. x.com 

Long Microsoft and short Zoom is the most straightforward alpha trade around. The long leg gives exposure to Microsoft and OpenAI, called good companies, while the short leg is Zoom and Anthropic, dismissed as bad ones. x.com 

Zoom is a way to own Anthropic equity, and a purer play than Google because its Anthropic stake is larger relative to its market cap. Anthropic's revenue run rate reportedly rose to $44 billion from $30 billion a month earlier, and its next funding round should value it at $900 billion or more. x.com  x.com 

Zoom offers actual ownership of Anthropic ahead of Anthropic's expected post-Labor Day S-1, unlike certain SPVs and tokens. StoneX highlights Zoom into the filing with a $125 price target that becomes $135+ if Anthropic reaches a $2 trillion valuation. x.com 

SK Telecom is becoming Anthropic's Korean infrastructure partner, not just a holder of an Anthropic stake. Its $100 million 2023 investment is worth an estimated $2.7 billion, about 19% of its market cap, before any Anthropic IPO rerating. CEO Jung Jae-heon said SKT joined the Series H, won't sell, and that Anthropic is discussing compute with SKT. It joined Project Glasswing, and its gigawatt-scale Nvidia AI cloud starts in 2027. It trades at 6.1x EV/EBITDA versus 7.5-9x for Western peers. … Show more

Amazon, Alphabet, Zoom and SK Telecom stand to benefit as Anthropic's valuation heads above $2 trillion, which Polymarket now projects this year. Anthropic's revenue run rate is around $50 billion and could reach $100 billion or more by year end. x.com  x.com 

Fresh funding for AI expansion supports a continued bid for AI stocks as compute spending shows no sign of slowing. Meta committed to $95B in shareholder dilution for AI, Anthropic is set to have $200B in cash in a couple of weeks, and SpaceX got a $40B Apollo loan solely to buy more Nvidia GPUs. The Anthropic IPO might even be a positive catalyst rather than the negative one many fear. x.com 

Amazon and Alphabet offer early exposure to Anthropic through their shares, and both are better run companies than Anthropic. x.com 

Zoom's stake in Anthropic, likely worth about $15 billion now, is probably more than Zoom's entire enterprise value. The core business is still a cash cow, but it may not matter if the investment can be cashed in for double Zoom's market cap by Anthropic's IPO. x.com  x.com