Dear Reader,
Next week, Anthropic opens its Wall Street roadshow. The company behind the Claude AI is selling shares at a valuation between $1.5 and $2 trillion. Nasdaq listing expected before Thanksgiving.
While that press release goes out, 180,000 Americans got their pink slips this year with the words "AI restructuring" in the termination letter. More than all of 2025. Up 4x since 2024.
The machine that took your job goes public. The founders become billionaires. The workers file for unemployment.
Inside today's issue:
- The $2 Trillion Windfall: Anthropic's S-1 shows $16.3 billion in revenue for the first half of 2026 alone. 14x higher than a year ago. The roadshow starts Monday. The workers it displaced are not on the cap table.
- 180,000 Jobs and Counting: Meta cut 9,700 people. Amazon cut 16,000. Barclays cut 5,000. Every CFO said the same thing: AI is driving it. The number of AI-linked layoffs rose 4x since 2024.
- The Buried Number in the Filing: $518 billion in non-cancellable infrastructure commitments. That is the number Anthropic's bankers don't want you to focus on. It tells you everything about who actually holds the risk.
- Robert Kiyosaki — Perpetual Income Plan: While the market dips, P.I.P. keeps paying. 74 payouts a year from infrastructure that runs regardless of headlines.
THE AI IPO
Dario Amodei and his team at Anthropic are about to become some of the richest people on earth.
The formal roadshow kicks off the week of November 9. Nasdaq listing before Thanksgiving, November 26. The offering raises $100 billion. The company valued at up to $2 trillion.
Here is the same week for the workers:
- Meta cut 9,700 jobs in 2026 across three waves. AI was cited as the driver.
- Amazon cut 16,000. That is 10% of its workforce.
- Barclays cut 5,000. The CFO said, and I quote: "some of the impacts that we're starting to see from AI."
- Block, Inc. cut 4,000. CEO Jack Dorsey said AI is now doing in days what a team once did in weeks.
- Total AI-linked layoffs in 2026: more than 180,000. Up 4x since 2024. Up 25% over all of 2025.
The mainstream press calls this the AI revolution. They say the new jobs will come. They said the same thing about the textile mills. They said it about the auto factories. They are always right eventually. The workers who get replaced never recover. The investors who owned the technology always do.
THE PATTERN
I have been watching this pattern for 50 years.
Standard Oil. The railroads. The internet bubble. Every time a new technology reshapes an economy, the same thing happens. The people who OWN the technology get rich. The people who WORK for the companies that use the technology get a pink slip.
Nobody handed the railroad workers shares of Union Pacific. Nobody is handing the Amazon warehouse workers shares of Anthropic.
The workers who built Standard Oil refineries did not get rich when Rockefeller did. They worked for wages in the E quadrant, while he collected royalties in the B quadrant. That is the whole game.
Now there is a buried number in Anthropic's S-1 that most people are skipping past. It is $518 billion in non-cancellable infrastructure commitments. Mostly cloud computing and hardware deals Anthropic cannot walk away from.
Think about that. $518 billion committed. The company's revenue in the first six months of 2026: $16.3 billion. That is 32 years of current revenue just to service the commitments. The business is free cash flow positive today, yes. But those numbers only work if AI adoption keeps accelerating at the same pace forever.
If that growth slows, the workers who already lost their jobs will have company: the retail investors who bought the IPO.
There is a question the IPO bankers are not asking investors. And the answer tells you exactly what to hold when the AI music stops.
SPONSORED: STANSBERRY RESEARCH
Trump's new AI tirade hurting GOP?
President Trump recently said AI will not be stopped by brilliantly run destructive forces. And that it will be the greatest economic development engine in history. All while the GOP tries to curb concerns about AI . This divide is one reason why Whitney Tilson believes that in less than 100 days, an 'AI Civil War' will begin in America. And it will have huge implications on your portfolio. He's sharing his full analysis free, here.
THE PLAY
The question the bankers are not asking: what happens to your portfolio when the AI wave stalls?
The tech companies firing workers and replacing them with AI are spending billions on hardware and cloud contracts. That spending shows up in GPU manufacturers, data center REITs, copper wire, power grids. Real physical assets.
Here is what I know.
You cannot automate a gold bar. You cannot replace silver with a language model. You cannot train an AI to produce oil from the ground.
The AI economy runs on physical inputs: copper for the data centers, oil and gas for the power plants, rare earth metals for the chips. Every AI server humming in a Reno warehouse is burning electricity. That electricity comes from somewhere real.
If you are in the E quadrant, renting out your time to a company that is quietly training an AI to do your job, the AI IPO is not an opportunity. It is a countdown.
The exit is ownership. Hard assets. Cash flow from things that exist in the physical world. Gold. Silver. Real estate that pays you each month. The B/I quadrant does not get replaced by software.
Anthropic's founders knew this. They didn't work for wages. They built something and kept equity. You can do the same. It just looks different at a different scale.
To your freedom,
Robert Kiyosaki
Author, Rich Dad Poor Dad
P.S. 23 Payments. Zero Cuts. Through a War. Six months of war, $100 oil, and a Fed hike. The Perpetual Income Plan collected 23 payments. Not one was cut. Four were raised. I explain in a short video. Watch it here.