11AM Hour: Anthropic Investor on Upcoming IPO, Owner of Rare Trading Card & Crypto's Rally 8/21/26

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**Carl Quintanilla** (0:49)
Welcome to Squawk on the Street. I'm Carl Quintanilla with Sara Eisen, live at Post 9 of the New York Stock Exchange. Today, the market is trying to rebound from this treasury-driven sell-off. Worst week for the Dow in about five months. We're going to talk to David Rosenberg about the impact of treasury's bond intervention and where he sees the market going from here.

**Sara Eisen** (1:05)
Then, early Anthropic investor, Matt Murphy joins us with expectations for the highly anticipated IPO plus the key trends in venture capital right now.

**Carl Quintanilla** (1:14)
Later, the luck of the draw will speak to a sports card collector, who pulled a rare trading card of Daleks Maverick star, Cooper Flagg. How we got that card that the experts are saying might sell for more than $5 million.
As for the market today, pretty healthy sector wise, breath wise, got some weakness in the utilities and a little bit of weakness in IT. It's mostly a yield story once again, as our eyes are pinned to the 10 year, which is being kind of stubborn here just above the spot 473

**Sara Eisen** (1:43)
We'll start with the big story in tech today. Broadcom reportedly looking to raise $60 billion in AI financing. Christina Partson-Evelis joins us with more another day, another big financing deal here potentially.

**Christina Partson-Evelis** (1:55)
Exactly how I was just going to say it. It's making its biggest move yet to finance the AI boom and largely this time off its own books. So CNBC David Faber has confirmed the chip maker is in talks to raise more than 60 billion favors, even staying close to 70 billion in debt for a new AI chip deal, a package that could reach as much as $100 billion. The story was first reported by Bloomberg, so that's where that $100 billion number came from, but it would benefit Anthropic and other customers. One caveat though is that the report says it looks very similar to the XPV platform Broadcom launched in June with Apollo and Blackstone, but the company actually hasn't confirmed that part to me just yet, reached out. The structure though, this is where it gets a little complicated. The debt doesn't necessarily land on Broadcom's balance sheet. A separate entity raises the money in SPV, buys the chips and then leases it back to the customer. Broadcom's job is to guarantee part of that debt, and that guarantee is where the risk sits. Broadcom isn't lending the money yet it's on the hook if customers can't pay down the line. The CEO has pushed back on the word backstop.
In June on the earnings call CEO Hawk Tan said the company simply provides the chips and partners with firms that have the balance sheets to fund them. But analysts say Broadcom is also guaranteeing the value of those chips if a deal goes bad. Bank of America estimates that exposure could reach $370 billion by 2029 while calling the likely loss to home manageable, 300 billion manageable. It's not alone. Nvidia is doing a similar thing on a bigger target, more than $500 billion, but standing further back and backstopping up to a smaller slice of the pie, up to 25 percent. Meta pioneered the off books approach last year, raising about $27 billion for an AI data center. It now leases back with Blue Owl.
Wall Street is relatively split. There's not as many reports maybe because everybody's on vacation. It's Friday, but Wolf Analysts call the backstop a quote, form of reinsurance safe unless the whole industry overbuilds. The bond market has been a little bit more nervous. You can just see just by this greed chart going up, spreads have widened over the last few months. The logic though holds, while compute is scarce, the question is what happens the day the industry just builds too much, when there's no one left to re-lease to end? The guarantees actually come due at once, Carl.