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VOL. XII · NO. 117Established MMXIV · George Town, Grand CaymanAtlantic Edition · $4.50

The Cayman Journal

Finance · Business · Technology · Caribbean & Global Affairs
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The Anthropic Round Sets the Pace, but the AI Capex Build-Out Is Spending Faster Than the Revenue Curve

Above: The financial district at first light, viewed from North Sound. The territory administers more than $4 trillion in regulated assets — roughly four percent of the world's hedge fund capital. — for The Journal

Business

The Anthropic Round Sets the Pace, but the AI Capex Build-Out Is Spending Faster Than the Revenue Curve

A megaround for Anthropic confirms that frontier AI capital allocation has decoupled from venture norms. The investible question now is whether revenue catches the capex line in time.

From the Columnists

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Carvana's Quiet Move Into New Cars Tests Whether the Franchise-Dealer System Can Survive E-Commerce

Carvana's Quiet Move Into New Cars Tests Whether the Franchise-Dealer System Can Survive E-Commerce

Carvana built its brand on used cars. Its expansion into new vehicles is small in dollars today and very large in implications for the U.S. franchise-dealer system.

Long ReadBusinessQ1 2026

Carvana made its name on the no-haggle, online-first used-car experience. Its expansion into new-car sales is being run quietly — small markets, limited inventory, no national marketing — but the structural question it raises is anything but small. State franchise laws across the U.S. were written to entrench independent dealers between manufacturers and co