Broadcom Agrees to Lend Anthropic Up to $42B for Infrastructure

The notable element is the vendor-financing structure: a chip designer extending credit to an AI lab that is simultaneously expected to become its largest custom silicon customer, with conversion into equity as a possibility. That blurs the line between supplier and shareholder, concentrating exposure on both sides and tying Broadcom's fortunes more tightly to one model developer's capital needs. The stated intention to hold off on bond sales until after an IPO makes the sequencing worth watching, since the loan's terms and eventual conversion depend on public-market access that has not yet occurred.