Anthropic has assembled ~12GW of non-NVIDIA compute by 2027 across three accelerator classes: 5GW of AWS Trainium, 5GW of Google TPU, and 2GW of AMD MI450 GPUs.

Each deal uses a different instrument: cloud commitment, equity, purchase-linked warrants. Structurally diversifying the same dependency.

The AMD deal isn't the story. It's just the last piece proving that NVIDIA switching costs are lower than the market prices.

This is Bottleneck Migration in real time.