Mandeep Singh

Intelligence Analyst at Bloomberg Intelligence

Claims

As speaker

Mentioned in

Key positions and views

Anthropic has achieved market leadership over OpenAI, demonstrated by its superior Annual Recurring Revenue (ARR) and its specific dominance in the high-growth area of coding agents.

Apple is dangerously behind in the AI race due to chronic underinvestment and its reliance on distribution is a flawed strategy, making a massive acquisition of AI technology a near-term necessity.

Nvidia's strategic expansion into PC chips is not about competing with Intel or AMD for market share, but a foundational move to build an ecosystem for 'physical AI' like robotics and humanoids.

The AI infrastructure buildout is a multi-layered opportunity, with significant value being captured by server companies (Dell, HPE) and newly formed 'neo-clouds' (CoreWeave) that are heavily financed by private equity.

Google's investment in custom silicon (TPUs) provides a durable competitive advantage in the AI race, giving it the industry's highest 'token efficiency' for both training and inference workloads.

Podcast consensus on Singh

Points of consensus

▶Multiple sources consistently cite Singh's analysis of Anthropic's explosive growth, specifically its rapid increase in Annual Recurring Revenue (ARR) which he claims has surpassed OpenAI's.

▶Singh's critical assessment of Apple's AI strategy, highlighting its underinvestment in internal development and the resulting likelihood of a major, expensive acquisition, is a recurring viewpoint across his appearances.Apr 2026

▶He consistently points to the booming AI server market as a key growth driver, citing the strong financial performance of companies like Dell and Hewlett-Packard Enterprise as direct beneficiaries of the AI buildout.

▶The emergence of 'neo-clouds' like CoreWeave, financed by private equity firms such as Apollo and Blackstone, is a structural trend in the AI infrastructure market that Singh identifies in multiple analyses.

Points of debate

▶Singh highlights a core tension in AI company valuations, noting Anthropic's phenomenal revenue growth while also predicting that investors will eventually shift their focus to the profitability of these capital-intensive businesses, which could become a concern.

▶His analysis contrasts the strategic approaches of tech giants to AI infrastructure: Google's advantage through vertically integrated custom TPUs versus Meta's challenged ROI due to its lack of a public cloud business to monetize excess capacity.

▶Singh presents a nuanced view of Nvidia's market position, acknowledging its near-monopoly on training workloads while emphasizing the market's significant shift towards inference and reasoning, which may introduce new competitive dynamics.

▶He contrasts the communication styles of semiconductor CEOs, noting the grounded financial projections of Broadcom's Hock Tan against the more visionary, trillion-dollar market narratives of Nvidia's Jensen Huang.Jun 2026

Key themes

▶The AI Foundation Model Horse Race: Anthropic vs. OpenAI

Singh provides extensive commentary on the competitive dynamics between leading AI labs, with a particular focus on Anthropic. He meticulously tracks its explosive growth, claiming its Annual Recurring Revenue (ARR) has surpassed OpenAI's, and highlights its specific leadership in the lucrative market for coding agents.

This theme suggests that the AI leadership landscape is highly volatile, with competitive advantages shifting rapidly based on specific applications (like coding) and financial metrics (like ARR), rather than just brand recognition or initial funding.

▶Apple's AI Crossroads and the Inevitability of AcquisitionApr 2026

Singh presents a critical view of Apple's AI strategy, arguing that the company has significantly underinvested in internal development compared to its 'Magnificent Seven' peers. He posits that relying on distribution alone is a dangerously risky strategy and predicts Apple will be forced to make a massive acquisition, potentially in the $50-$100 billion range, to remain competitive.

For investors, this signals a potential major capital allocation shift for Apple and highlights the strategic risk faced by incumbent tech giants that are late to a fundamental technological wave.

▶The AI Infrastructure Gold Rush

Beyond the models themselves, Singh's analysis covers the entire AI hardware and infrastructure stack. He details the revenue upside for server companies like Dell and HPE, the role of private equity in financing 'neo-clouds' like CoreWeave, and the market shift from training to inference workloads.

This perspective reveals that the economic impact of AI is broadly distributed across the supply chain, creating significant investment opportunities in less-hyped but critical infrastructure players beyond the well-known chip designers.

▶Strategic Divergence Among Big Tech in AI

Singh analyzes the distinct AI strategies of major technology companies. He highlights Google's advantage in 'token efficiency' due to its custom TPU silicon, contrasts it with Meta's ROI challenges from lacking a cloud business, and frames Nvidia's entry into the PC market as a long-term play to build an ecosystem for 'physical AI' like robotics.

This demonstrates that there is no one-size-fits-all approach to AI; a company's success is heavily dependent on its unique legacy assets, business model, and long-term vision for how AI will be deployed.

Source episodes

Timeline

Early Analysis

Singh's commentary focuses on established public tech companies like Palantir, Broadcom, and CrowdStrike, analyzing their performance through traditional metrics like stock price reaction to guidance, market exposure, and defense spending benefits.

Apple's Leadership Transition

Discourse shifts to a deep, critical analysis of Apple's AI strategy, coinciding with a hypothetical leadership change. Singh argues Apple has underinvested, faces significant strategic risk, and will likely become more acquisitive.

Nvidia's Strategic Pivot

Analysis moves to Nvidia's next-generation 'Vera' architecture and its entry into the PC market. Singh frames this not as a market share grab, but as a long-term strategic move to build an ecosystem for 'physical AI' such as robotics and humanoids.

The Rise of Anthropic

Singh's focus intensifies on the competitive dynamics of foundation models. He repeatedly highlights Anthropic's explosive ARR growth, its confidential IPO filing, and its leadership in coding agents, frequently claiming it has surpassed OpenAI on key metrics.

AI Infrastructure Maturation

His analysis broadens to the maturation of the AI infrastructure layer, noting the significant revenue beats from server companies like Dell and HPE and the crucial role of private equity in financing the capital-intensive 'neo-cloud' providers.

Suggested prompts

How does Mandeep Singh's framework for 'physical AI' re-evaluate Nvidia's long-term total addressable market beyond data centers? &nearr;Based on Singh's analysis of Apple's AI underinvestment, what specific acquisition targets between $50B and $100B would best address their strategic gaps? &nearr;How does Singh's emphasis on 'token efficiency' and custom silicon, like Google's TPUs, challenge the narrative of Nvidia's long-term market dominance? &nearr;According to Singh's claims, what are the key financial and technical factors that allowed Anthropic to surpass OpenAI in Annual Recurring Revenue? &nearr;

Key concepts

Anthropic 6 ep AI Infrastructure (Servers, Chips, Cloud) 7 ep Corporate AI Strategy (Apple, Meta, Google) 4 ep Google/Alphabet 4 ep Nvidia 3 ep OpenAI 3 ep Coding Agents 3 ep Corporate Finance (M&A, IPOs, PE) 3 ep SpaceX/xAI 2 ep

Notable quotes

“[18:50 -> 19:02] But this is like too risky of a strategy where you completely miss out on one of the biggest secular trends that probably I think we are going to witness over the next two, three decades.”

Mandeep Singh · Instant Reaction: Apple Names John Ternus Next CEO, Tim Cook Becomes Chairman | Bloomberg...

“Anthropic started off the year at a $9 billion run rate. They put out a press release yesterday that they are at a $47 billion run rate in a span of 5 months. Their revenue ARR has grown 500%.”

Mandeep Singh · Dell Soars Most in Two Years on Outlook Fueled by AI Servers | Bloomberg Intelligence

“I think where they're going with this is they think the physical AI would be a much bigger opportunity. Now, when I say physical AI, it's your robotics, your humanoids and that kind of stuff. And you're not going to be able to do that just by focusing on the server and the data center market.”

Mandeep Singh · Barry Diller Offers to Buy Rest of MGM in Deal Valued at Nearly $19 Billion | Bloomberg Intelligence

“given, you know, Anthropic has surpassed OpenAI's ARR, I'm not surprised that we are talking about $800 billion range for Anthropic in the next funding round.”

Mandeep Singh · Anthropic Draws Investor Offers at Over $800 Billion Value | Bloomberg Intelligence

Report last updated: Jun 10, 2026

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