(https://www.cnbc.com/2026/07/21/openai-anthropic-ai-lobbying-spending-q2-2026.html) to $3.17M combined in Q2. Classic move when your core product metrics aren't moving the needle fast enough to sustain hype. The real tell: they're spending to defend narrative, not because revenue growth justifies the capex. Compare this to legacy tech's lobbying as a percentage of revenue—it's a rounding error.

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