Alphabet (NASDAQ:GOOG) has a $121.3 billion customer commitment from Anthropic, the developer behind Claude, which disclosed minimum Google spending of approximately that amount between April 2026 and July 2033, regardless of actual usage, with spending shortfalls triggering true-up payments subject to contractual adjustments and exceptions. Alphabet shares declined 0.35% November 3 at 10:01:01 a.m. ET. The commitment is not revenue Google has already earned, and investors should avoid adding it to the Google Cloud backlog of $561 billion disclosed on Alphabet's third-quarter earnings call, because the disclosures are not separate, directly additive measures. TPU system sales are expected to scale in the fourth quarter before a meaningful revenue ramp in 2027. Reuters reported that some infrastructure partners depend on outside financing, creating risks to the timing and availability of Anthropic's computing capacity. The GF Score graphic gives Alphabet 98 out of 100, with profitability and growth standing out, while valuation is its weakest displayed dimension.