To The Moon

$Microsoft(MSFT)$ Microsoft guided to over $50 billion of capex for July to September. It reported $45.2 billion. That reads as a miss. Microsoft says why: some third-party capacity deliveries came late. The accounting explains why a late delivery shows up as a capex miss at all. And a second line on the balance sheet, the one the headline does not count, grew $6.0 billion in the same quarter. THE HEADLINE Capex including finance leases: $45.2 billion. Inside that, finance leases: $7.4 billion. Cash paid for property and equipment: $39.4 billion. THE MECHANISM On the call, CFO Amy Hood said Microsoft recognises "the full principal value of finance leases in CapEx at the time of lease commencement." She said the late deliveries were GPU

1. Anthropic is reporting enormous losses Anthropic reported losing $80.7 billion in just six months. Most of that isn't money actually spent. It's largely an accounting loss caused by the rising value of financial agreements with $Amazon.com(AMZN)$ . Why it matters: Even if the company isn't burning through $80 billion in cash, it has made enormous financial promises that could affect future shareholders. 2. There's a mysterious $8.8 billion expense Anthropic reported nearly $9 billion in additional expenses, but the explanation isn't clear from these numbers. Why it matters: Imagine checking your bank account and finding an unexplained $9,000 charge. You'd want answers before trusting someone with more money. 3. Anthropic says it's profitable, b