J.P. Morgan Asset Management’s Michael Cembalest highlighted Anthropic’s decade-long pledge to deploy its models on Amazon’s custom Trainium processors as the "strongest third-party" endorsement of specialized application-specific integrated circuits (ASICs) to date, threatening Nvidia Corp.’s market dominance. This follows Anthropic committing to spend more than $100 billion on Amazon Web Services (AWS) technology for massive data center capacities. According to J.P. Morgan Equity Research, hyperscalers developing in-house chips report total cost of ownership reductions of 30% to 40% compared to traditional merchant GPU fleets. Cembalest notes a resulting "declining share" of global accelerator revenue for Nvidia, projected to slip from 85% in 2023 down to an estimated 75%. However, access to Anthropic’s advanced “Mythos-class” reasoning models, commercially known as Fable 5, faced an abrupt “global shutdown” after Amazon’s software testing exposed critical vulnerabilities that could act as a catalyst for “cyberattacks.” Cembalest concluded that tech hardware dependencies are permanently shifting, but broader financial projections of premium AI labs remain "speculative, uncertain and subject to revision."