The number that matters in Broadcom's $63B Anthropic deal isn't 63. It's 72.5%. Banks and Blackstone fund an SPV that buys Broadcom chips and leases them to Anthropic. If the racks end up worth less than 72.5% of what's still owed on the lease, Broadcom covers the gap. Peak exposure: about $43B, running down to zero over five years of lease payments. The lease covers Anthropic's credit. The guarantee covers what nobody can price yet: what these chips are worth late in the lease. And it's not the first. On an earlier $35B Apollo/Blackstone deal, Broadcom's backstop was up to $29B. Moody's has already flagged the risk if these stack up. How I read it as an investor: • when the seller guarantees the floor, the seller is the real underwriter • in any compute or hardware pitch, I now ask who holds the residual, not just who signed the lease • when these SPVs get offered to Gulf allocators, the first question is which layer. The second lien sits under ~$43.5B of senior debt