Alphabet/Google (Anthropic stake + TPUs)
Sundar Pichai (CEO); Anthropic stake is a corporate strategic investment, TPU buildout via Google Cloud.
Alphabet plays both sides of the AI trade: an ~14% stake in Anthropic (~$135B) — a hedge against its own Gemini effort — and ownership of the TPU silicon stack that Anthropic is now contractually committed to. The April 2026 deal locks Anthropic into $200B of Google Cloud/TPU spend over five years and 5GW of dedicated TPU capacity, turning the equity stake into a multi-year compute-revenue annuity.
Top holdings
~14% (~$135B) — Google has invested since 2023 (>$3B prior); April 24, 2026 deal commits up to $40B more (cash + compute) at $350B post-money.
5GW / $200B over 5yr — Anthropic committed $200B to Google Cloud + TPU over five years and reserved 5GW of TPU compute — the revenue payoff of the stake.
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