Anthropic Says It May Issue Up to $42B in Notes to Broadcom

The scale is the story: a potential note issuance of this size to a single chipmaker signals how AI compute buildouts are increasingly financed through vendor-linked credit rather than conventional capital raising. Broadcom's position as a hardware supplier means its balance sheet is becoming entangled with its customers' expansion plans, a relationship worth watching for concentration risk on both sides. With no timeline or terms disclosed, the open question is whether this cap reflects a firm commitment or a ceiling for flexibility, and how such vendor financing gets treated as the AI infrastructure cycle matures.