Nvidia to invest up to $10B in Anthropic under three-way deal with Microsoft

The circularity here is the story: Nvidia is simultaneously investor, supplier and strategic partner to Anthropic, while Microsoft funds a customer that commits to buying its cloud. That structure concentrates AI infrastructure spending among a shrinking set of players, and it matters most for rival model developers and cloud providers who now compete against a coalition rather than individual firms. The unresolved tension is whether Nvidia's shareholder interest in Anthropic sits comfortably alongside its hardware business, given their long-running disagreement over China chip sales — whether that friction resurfaces is the open question.