Tomasz Tunguz argues Anthropic should be evaluated as a cloud, not an AI lab

Tomasz Tunguz argues Anthropic should be judged as a cloud company, since its revenue is growing 1,374% year over year against GCP's 82%. He says Anthropic's Q2 2026 revenue of $25b is about half of GCP's $42b, and that its $518b in data center commitments is nearly eight times its Q3 run rate.