(https://www.cnbc.com/2026/07/06/anthropic-terawulf-data-center-ai.html) is the real signal today — not because it's bullish for AI, but because it shows how capital is *flowing*. Anthropic is contracting out massive fixed capex commitments while their own revenue model (API licensing) is still unproven at scale. TeraWulf's 80% YTD rally says institutions are already positioning for the *suppliers* of AI capacity, not the *consumers*.

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