Calcbench

Amazon ($AMZN) filed its quarterly report last week, which gives us a great opportunity to talk about one of the most important questions on Wall Street these days. How much exposure do the tech giants (Amazon included) have to artificial intelligence darlings Anthropic and OpenAI ?  Anthropic and OpenAI don’t disclose much about their financial structure or performance directly, since they’re privately held. The tech giants pouring billions and billions into both firms, however, do disclose some details about those investments.  So if analysts know where to look, you can learn quite a lot about who is investing in whom, to what extent, and what those investments are worth from one quarter to the next. Start with Amazon and its first-quarter 10-Q, filed on April 30 . Using our Disclosures & Footnotes Query page, we did a quick search of “Anthropic” across the whole filing and found multiple references to Anthropic.  Most informative was a disclosure in the Financial...

You may have seen the Financial Times’ excellent article the other day analyzing Oracle ($ORCL), picking apart the tech giant’s exposure to OpenAI and the many ways that mammoth deal might turn sour for Oracle. Or maybe you already knew Oracle’s potential risk here because you’ve been studying those same disclosures yourself — disclosures that are all readily available in Calcbench. Don’t get us wrong; we appreciate the FT’s article, which is packed with good points and insight. But consider the key metrics that the article cites: Segment-level revenues Debt levels Cash and short-term investments as a percent of total assets Free cash flow Leases Debt-to-equity ratio Calcbench tracks all those metrics for public filers . So if you had wanted to run your own analysis of Oracle’s exposure to OpenAI, perhaps comparing that exposure to other AI “hyperscalers” such as Microsoft ($MSFT), Google ($GOOG), and Amazon ($AMZN) — well, we’ve had all that data all along, there for the picking. ...

One important measure of macro-economic health is “capex” spending — that is, capital expenditures that companies make to acquire or maintain physical assets. Capex could be anything from property to hardware technology to manufacturing equipment; and the logic is that the more companies spend on capex, the better a sign it is that companies are bullish on their long-term growth.  At first glance, capex spending seems pretty good these days. According to the Calcbench Earnings Tracker, capex spending in Q2 2025 was up 16.9 percent from the year-earlier period . That means everything’s good, right?  Upon digging into the data, the answer is more complex. Figure 1, below, companies capex spending among four tech giants investing heavily in artificial intelligence against the rest of the S&P 500. As you can see, those four firms — Google ($GOOG), Microsoft ($MSFT), Amazon ($AMZN) and Facebook ($META) — account for a significant fraction of all capex spending for the enti...

Not long ago the Financial Times had a prominent report that more companies are disclosing artificial intelligence as a potential risk to their business . More than half of Fortune 500 companies cited AI as a potential risk in their annual reports this year, the article said, compared to only 9 percent that did so just two years earlier. Well, OK… but exactly what are those companies disclosing about AI risks? After all, it’s easy to see why more companies are talking about AI as a risk: because ChatGPT exploded onto the scene in late 2022. It’s cool and disturbing and everywhere and has potentially huge disruptive effects, so companies can’t really not say at least something about AI’s significance to their operations. Still, that’s not the same as saying how AI might be a risk to your company. Some firms might see their business models eviscerated; others might see their businesses soar if they’re nimble enough to take advantage of AI in a timely manner.  To explore this questi...