🚨🔥 Wall Street just built a $60B debt stack so Anthropic can rent chips

Banks are syndicating a record package for Broadcom-built TPUs. $42B senior tranche, plus an $18B junior slice led by Blackstone.

Broadcom could also take convertible notes that turn into Anthropic shares, so the chip supplier is basically the lender and the shareholder too. Circular, much?

Compute is now a credit product.