To secure AI demand for NVIDIA GPUs, Anthropic has committed $30 billion to Microsoft Azure infrastructure (powered by NVIDIA chips) and $45 billion to lease AI computing power from Nscale, which is expected to use NVIDIA's Vera Rubin chips. However, Anthropic is also collaborating with other suppliers and developing custom chips, which could diversify its long-term infrastructure strategy and pose a risk to NVIDIA's market share. Additionally, Anthropic's valuation reached $965 billion after its May 2026 funding round, and this IPO valuation has doubled, presenting NVIDIA with the risk of investing at a high valuation.