The Information's TITV BlackRock’s Tony Kim on AI Deals, Goldman Sachs Economist’s AI Report, AI Accounting | Nov 4, 2025
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Nov 4, 2025 
Tony Kim, Head of global tech at BlackRock, shares insights on the OpenAI-AWS deal and the shifting alliances in the AI landscape, discussing their far-reaching implications for big tech valuations. Joseph Briggs, a senior economist at Goldman Sachs, examines the current state of corporate AI adoption, revealing that 37% of companies are already using AI in production. He highlights the tech industry's leadership in adoption and predicts gradual impacts on labor, estimating potential displacement of 5–7% over a decade.
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Anthropic's Aggressive Revenue And Margin Forecasts
- Anthropic projects far faster revenue and earlier profitability than OpenAI in its optimistic forecast.
- Its API-heavy B2B focus and paid prosumer tools underpin aggressive margin and cash-flow assumptions.
API Sales Drive Most Of Anthropic's Growth
- Anthropic expects roughly 80% of future revenue from API B2B sales and a rapidly growing paid developer/prosumer line.
- That API concentration differentiates its revenue mix from OpenAI's ChatGPT-heavy model.
Margin Gaps Reflect Accounting And Mix
- Reported margin differences may reflect accounting choices and customer mix, not just efficiency.
- Anthropic excludes non-paying user costs and leans into B2B, inflating comparables versus OpenAI.