Anthropic in talks to buy ~$45B compute from Nscale

The scale here is the story: a single AI developer negotiating compute commitments in the tens of billions, on top of an existing agreement of similar size, shows how front-loaded infrastructure spending has become in the model race. Nvidia's backing of Nscale means the chip supplier sits on both sides of the transaction, a structural feature worth watching as these deals multiply. For the RWA and infrastructure trade, the signal is that power and data-center capacity, not just chips, are becoming the scarce asset. Whether Anthropic converts the right of first refusal into a third facility is the open question.