The DeepStack Call · Part 05 · AI Labs

OpenAI and Anthropic Are Not the Same Business

MixedSplit the trade

Stop pricing OpenAI and Anthropic as one bet. One revenue line holds under pressure; the other has to be bought.

ConvictionModerate

What to do with this

Separate the two in any AI exposure: pricing power, not headline growth, sets the value.
Demand life-of-cluster margins in any prospectus, not first-year GPU economics.
Treat customer concentration and investor-funded revenue as the first red flags.

Next prospectus

Next testAn audited listing reveals margins, customer concentration and investor-linked revenue; clean disclosure would support separation, weak economics would reunite the risks.