Broadcom to Lend Anthropic Up to $42B for Chip Leases

This is a vendor-financing structure, not a standard equity bet: Broadcom is underwriting demand for its own silicon by lending the customer the money to lease it. That shifts risk onto Broadcom's balance sheet while locking Anthropic into its hardware, a pattern worth watching as AI compute costs outgrow conventional funding. The absence of disclosed terms, timeline or pricing leaves the real exposure opaque, and whether this becomes a template for other chipmakers is the open question.