workload mix mixed workloads
Token consumption turns Anthropic revenue into compute demand 1 · metered usage revenue scales with tokens 2 · workload mix chat coding / agentic 3 · capacity lock-up years ahead capacity Nvidia GPU AWS Trainium / Graviton Google / Broadcom TPU Co-lo GPU (Colossus) 4 · binding constraint slack · capacity available 5 · hyperscaler absorption chip orders hyperscaler dc + colo Nvidia GPU Trainium · TPU lock-ups carry timing risk · capex forecast, not fact