Can you share more on this market cap risk? I see legit stability / correlation risks but can’t work out the market cap risk mechanics. The cash was just sitti

Can you share more on this market cap risk? I see legit stability / correlation risks but can’t work out the market cap risk mechanics. The cash was just sitting on their balance sheet not increasing Google’s valuation, turning it into revenue is value creation. The equity transfer is a bit murkier, Google I guess gets to mark this on their books according to Anthropic’s latest valuation, but isn’t this more of a volatility swap than conjuring market cap? Analysts are not going to apply $30b of future spend at current PE, they will additionally discount this by the P(Anthropic demand crashes). So it’s not like this just boosts their market cap for free. Of course Google’s balance sheet now has higher vol equity instead of cash for their products.