Amazon and Alphabet offer indirect exposure to Anthropic, the company behind the Claude AI models, which is reportedly marching toward a public offering at a valuation near $1 trillion. Amazon is Anthropic's largest corporate backer, having committed roughly $33 billion to the AI lab, with a stake worth well over $100 billion. Anthropic has agreed to spend more than $100 billion on Amazon Web Services and Amazon's Trainium chips. Alphabet owns roughly 14% of Anthropic, a stake worth around $135 billion at recent valuations, and Anthropic has committed to spending about $200 billion on Google Cloud over five years. With $500, an investor can buy shares of both companies. However, the article notes that these stakes are modest compared with the multitrillion-dollar market caps of Amazon and Alphabet, so Anthropic alone will not transform either stock overnight. A chunk of the "AI profits" both have reported comes from marking up the paper value of those stakes, which can reverse if sentiment sours. There is also a circular quality, since both companies invest in Anthropic, and Anthropic spends that money back on their clouds, while Anthropic itself is still burning cash.