The gigawatt comparison is the right framing - this isn't just a cloud deal, it's industrial infrastructure at energy-grid scale. What's particularly revealing is the asymmetry between Google's position as both primary investor and compute provider versus Amazon holding more equity but getting sidelined on infrastrucure. The multi-cloud rhetoric sounds like insurance, but when training runs take weeks and you're dependent on a gigawatt of capacity from one provider, you're structurally locked in regardless of contract terms. The $500M from Claude Code in two months is the real validation - revenue growth at that velocity justifies almost any capex. The question becomes whether Anthropic can maintain pricing power once they're this deeply embedded in Google's stack.
The gigawatt comparison is the right framing - this isn't just a cloud deal, it's industrial infrastructure at energy-grid scale. What's particularly revealing is the asymmetry between Google's position as both primary investor and compute provider versus Amazon holding more equity but getting sidelined on infrastrucure. The multi-cloud rhetoric sounds like insurance, but when training runs take weeks and you're dependent on a gigawatt of capacity from one provider, you're structurally locked in regardless of contract terms. The $500M from Claude Code in two months is the real validation - revenue growth at that velocity justifies almost any capex. The question becomes whether Anthropic can maintain pricing power once they're this deeply embedded in Google's stack.