What master bubble boi talked about is pretty consistent with what I heard from a VC friend last night: Q4 revenue 18.5B due to headwind from seasonality and distillation block. So this translates to year end ARR as 80B+ roughly? Pretty disappointing and thanks to Opus 5.5 for accelerating the growth. 2027/2028 135/270b revenue run rate, which translates to 200B ARR 2027E I believe, also not high enough to beat sell side expectations? Also heard that my margin expansion thesis wouldn’t last in 2027 unfortunately due to capex expansion. Anyway my original thought of “Anthropic S1 saves AI trades” seems not going to happen. But let’s wait for next week to see how the Mr Market reacts when the real S1 file goes public.