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Anthropic's Form S-1 ($ANT) exposes $518B in take-or-pay cloud commitments to GCP, AWS & Azure. How 7 CEOs built a circular AI loop (and why 37% of your S&P 500 401(k) is in 1 trade): https://codingcat.dev/post/anthropic-s1-ipo-circular-ai-economy-etf-risk