Source?

Half of that budget gets contracted out to Lockheed, Raytheon, Northrop, Boeing, General Dynamics, etc. Those companies absolutely do spend money on the hyperscalers.

Great. So you've gone down from $1T to "half of that budget".

If you're honest with yourself, you'll find the true number.

obviously, I was never suggesting that the DoD spends $961b a year on cloud computing.

Look, it’s a very simple question: Amazon has invested $8b into anthropic. Do you think if the DoD disappeared tomorrow that Amazon would lose more than $8b in revenue over the next 5 years?

I think you underestimate how large the DoD budget is and how many times that money changes hands in the pursuit of fulfilling contracts. $20b-$25b in revenue per year across all hyperscalers is a totally reasonable estimate.

Why on earth would you compare $8 billion of equity investment in another company (which is likely worth far more now) to $8b of revenue?