The US government, citing national security authorities, has issued an export control directive to suspend all access to Fable 5 and Mythos 5 by any foreign national, whether inside or outside the United States, including foreign national Anthropic employees. The net effect of this order is that we must abruptly disable Fable 5 and Mythos 5 for all our customers to ensure compliance. Access to all other Claude models is not affected. We apologize for this disruption to our customers. We believe this is a misunderstanding and are working to restore access as soon as possible. Read our full statement: anthropic.com/news/fable-myt…

The neocloud category may be the most misunderstood corner of the AI trade because the market still treats these names as one uniform GPU-hours bet when they are actually very different business models: 1. $NBIS (Cloud Utility for the Agentic AI Age) $NVDA just chose Nebius as an architecture partner for the agentic AI era by co-designing AI factories with them, and the Rubin GPU access that comes with this partnership means Nebius gets the next-generation inference stack before almost anyone else in the market. At a $28B market cap, a 5GW power target and Nvidia’s engineering team embedded in the stack.. this is my favorite name in the neocloud category. 2. $IREN (Energy-to-Compute Engine of the AI Era) The dilution fear is real but the market is misreading it. IREN is not diluting to survive but diluting to scale into a $3.7B ARR target and the $9.3B in funding already secured through customer prepayments and GPU financing means the $6B ATM is optionality capital. The real bottleneck in AI infrastructure right now is power and IREN controls ~4.5GW of secured capacity while needing only ~500MW to support its ARR target by year-end. That 10x ratio of power capacity to near-term need is something no competitor can replicate quickly. 3. $CIFR (Landlord of the AI Utility Era) Cipher is not a pure neocloud but is a hyperscale infrastructure landlord signing decade-long leases to $AMZN AWS and $GOOGL while they fill the shells with compute. The AWS lease alone is expected to generate ~$700M in average annualized NOI for the next decade at nearly 100% NOI margins. Power-rich land is the scarcest resource in AI infrastructure and Cipher controls it with 600MW fully contracted, both facilities fully funded through non-recourse fixed-rate project debt and a 3.4GW development pipeline. 4. $CRWV (The Fragile Giant) CoreWeave’s demand backlog and revenue growth are very real but none of that matters if the capital markets close for even one quarter. Interest expense hit $388M in Q4 and management guided Q1 2026 interest expense to ~$550M which implies an annualized run rate above $2B before a single new data center comes online. The bull case requires capital markets to stay open, rates to cooperate, hyperscalers to honor take-or-pay contracts in full and construction to stay on time. That is a lot of dependencies in a macro environment where oil is approaching $100 and private credit is already showing signs of stress.