Speaker · Updated
Alex Kantrowitz: latest market views
Big Technology
Summary
Alex Kantrowitz is the founder and writer of the Big Technology newsletter on Substack, host of Big Technology Podcast, a CNBC on-air contributor, and author of the book 'Always Day One'.
Chorus has 12 views from Alex Kantrowitz across 4 episodes on CNBC Closing Bell since October 20, 2026. Their latest calls: bullish on Anthropic, Alphabet, Space Exploration Technologies and Tesla; bearish on OpenAI and Netflix.
Where they stand
Their latest bullish or bearish call on each company.
What they talk about most
The latest views
Newest first. Every quote is checked against the episode's transcript.
AnthropicBullish
Anthropic's customer base is broadening sharply, reducing dependence on a few large clients.
Customers spending $100K or more rose from 1,500 at the end of last year to 11,900. Five companies now make up 21% of revenue, versus two companies making up 25% previously. That derisks the business. If one large client leaves for OpenAI, growth can still be strong.
“the customer broadening was really the most important stat that we saw in the s one today. And at the end of the year last year, they had 1,500 customers doing a 100,000 or more in business with them in the year. Fast forward, now they have 11,900.”at 17:58
AnthropicUncertain
Anthropic's revenue surge is driven by coding; whether it spreads to other sectors is the key risk.
The revenue surge followed December 2025, when Anthropic's coding models became very strong, and many of the big numbers likely come from its coding business. The biggest risk is whether that impact can translate to the rest of the economy, such as biotech, pharma, and Claude Cowork. Without a similar surge in other areas, growth could stall, and Q3 numbers are not yet available.
“the revenue surge that we've both talked about happened after December 2025 when the company's coding models got really good. ... the big question for that company, the biggest risk here is, can it translate its impact in coding to the rest of the of the economy?”at 19:44
AnthropicBullish
Anthropic's IPO demand will be very high, so insider share sales won't blunt its momentum.
Demand for Anthropic will be off the charts. Even if some employees and insiders sell after listing, that should not cause problems. Anthropic is one of two foundational AI companies in the race, and investors who sell it would need somewhere else to put the money. Insider sales will not blunt the momentum, in his view.
“I think the demand for this company is gonna be off the charts. And so even if some employees are inside or sell, I don't think you're gonna see any problem with Anthropic.”at 23:37
OpenAIBearish
OpenAI missing its $1.4T target suggests strategic backers have tapped out.
Kantrowitz says a round below the $1.4 trillion target suggests companies have invested all they can in OpenAI. The lead investors were from the UAE, and Microsoft and Nvidia did not take part, which he reads as those companies having made their play. He cites a Financial Times report that investors show indigestion, after previously clamoring for OpenAI stock that now lands with a thud. He concludes there is a limit to how much more money the company can raise privately before its IPO.
“the fact that they didn't raise at their target does suggest that companies have basically invested all they can into OpenAI.”at 28:08
AnthropicBearish
Any Anthropic IPO delay signals slowdown and weak expected stock performance.
Kantrowitz says Anthropic is going public in an uncertain market where investors are unsure how they feel about the AI trade. Its IPO will depend on the latest numbers, and any sign of a slowdown in Claude Code or Cowork revenue would be a problem. He argues a delay would suggest Anthropic believes its stock will not perform well at listing. He adds that if OpenAI shows better enterprise growth first, Anthropic would be on the back foot, and a delay would add more doubts about the AI trade.
“It suggests slowdown. It suggests that it believes that its stock isn't gonna do as well when it initially comes out.”at 29:41
AlphabetBullish
Google is well placed across the AI stack if it balances cloud compute against AI research.
Kantrowitz says Google has a fast-growing cloud business, with Google Cloud growing 82% last quarter, and a chance to overtake Azure for second place. Pichai said cloud is forgoing short-term revenue for compute trade-offs to support frontier AI. Kantrowitz argues Google has a play in every part of the AI moment, including the Gemini agent, search, cloud, and Waymo, plus a large Anthropic investment. He says if the compute balancing act is done right, Google is in great shape, while getting it wrong could hurt its competitiveness.
“if everything goes right for Google, he has basically a play in every bit of this AI moment.”at 31:32
Meta PlatformsUncertain
Meta's token-heavy Muse agent is capital intensive, so Meta must keep raising debt or equity.
Kantrowitz says Meta has seen some traction with its Muse agent, but Muse is extremely token intensive, which makes it capital intensive to serve. Zuckerberg wants to scale Muse to a billion users, and Kantrowitz argues that sitting out would leave Meta behind. So Meta faces a choice between continuing to raise debt or equity to keep funding it, or pulling back. He frames this as an existential pressure on the company.
“Like, if you take Meta, for example, the company has seen some traction with this Muse agent, but it can't stop. And Muse is extremely token intensive, which means it's capital intensive to serve.”at 6:16
AI infrastructure & data centers
Crowded AI funding demand is a real risk; if one funding leg weakens, the AI story wobbles.
Kantrowitz expects demand for debt and equity to build AI infrastructure to keep growing, with Meta, Google, OpenAI and Anthropic all needing funding. As that market gets crowded, he thinks it could ripple into how the market prices these companies' debt. Because the technology is unproven and payback timelines are unclear, he says the story rests on three legs (raising money, spending, and eventual returns), and if any one weakens the whole story is at risk.
“And if any one of the legs on that stool starts to break or wobble, you start to see this entire story wobble. So I think it certainly is a risk here.”at 8:07
Space Exploration TechnologiesBullish
SpaceX is well positioned as AI compute supply stays constrained and its data-center revenue grows.
SpaceX's revenue is growing and AI data centers are a major part of it. He cites a report that Andy Jassy said compute can't be obtained until 2028, and he expects supply to stay constrained. Elon Musk is strong at building data centers, and SpaceX is building a footprint, so he sees it as a major hyperscaler with a good position.
“It looks like that demand is gonna be... The supply will be constrained for a while. So SpaceX is in good position there.”at 5:27
TeslaBullish
A SpaceX-Tesla merger is inevitable, combining their AI and robotics know-how on shared infrastructure.
Tesla does a lot of AI for self-driving and SpaceX does a lot of AI through xAI. Combining them on common infrastructure would let them build on each other's strengths. The companies already share learning, and a merger would bring robotics knowledge together, which could lead to humanoid robots, autonomous driving and possibly industrial robots. He says the market is only waiting on timing.
“Oh, I think it's inevitable. It does make all the sense in the world.”at 6:42
Starlink's satellite mobile push should make mobile carriers nervous, since space-based coverage fills dead spots.
Starlink is in space, so it can cover the dead spots that terrestrial mobile networks have. That gives Starlink a real advantage over mobile carriers, so he thinks carriers should be nervous about the planned Starlink mobile expansion.
“I think mobile companies should be nervous. One of the nice things about Starlink is, you know, there are... Because it's in space, there are a few dead spots.”at 7:41
NetflixBearish
Netflix's price hikes plus YouTube's free AI-programmed content put Netflix in trouble.
Netflix has raised prices about 30% over the past year and a half, while YouTube is free for most people. YouTube uses Google's AI advances to program and push content creators toward what audiences like. Nielsen data shows YouTube's share of viewing rising while Netflix's falls. He argues that raising prices while free competitors use AI to program content leaves Netflix in trouble.
“Netflix has raised prices 30% about over the past year and a half or so. YouTube is free for most people. ... If you raise prices, your free competitors using AI to program, you're in trouble.”at 10:06
Shows
- CNBC Closing Bell · 4 episodes
Ask your AI what Alex Kantrowitz thinks
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Chorus reports what speakers said. It isn't investment advice.