The rationale for why Anthropic would compete with the hyperscalers and why we invested “In the cloud era, you had a handful of hyperscalers because it was massively capital intensive to build cloud infrastructure. It turns out this market was going to be the same thing. It was massively compute intensive, therefore capital intensive, and so it was going to consolidate to a handful of players. Microsoft partnered with OpenAI. Google was going to build Gemini. Then you got to AWS, and they…