News Summary

• Anthropic is making a massive bet that AI will transform the global economy more profoundly than industrialization, electricity and the internet.
• Anthropic reported a net loss of $42 billion ‌in 2025, and plans to spend $518 billion on cloud, computing and infrastructure obligations in coming years.
• This cycle is the first time in the history of the index there have been negative 5 year returns.
• The Sopranos, “The Wire,” “Mad Men’ and “Breaking Bad” together served as a televisual Four Horsemen of the Apocalypse.