Tag: corruption

Israel’s Ugly Election Aftermath: Netanyahu’s War Against Israeli Palestinians

Netanyahu’s response to the October 27 election has been extraordinary, even by his increasingly incendiary standards. Having failed to secure a governing majority, he and Likud have moved from contesting political opponents to questioning the legitimacy of the electorate itself.

Israeli Palestinian voters turned out in unprecedented numbers, helping the two “Arab-led parties”, as the Israeli government refers to them, win 19 seats. Netanyahu responded with allegations of widespread fraud, bribery and foreign interference, without producing a shred of evidence of systematic electoral manipulation.

The distinction matters. Israel’s Central Elections Committee said there was no basis for claims that the integrity of the vote had been systematically compromised. The Shin Bet likewise stressed that its narrowly focused investigation into possible foreign interference did not implicate Israeli-Arab voters collectively. President Isaac Herzog warned against tarnishing an entire community. Yet Netanyahu’s political machinery continued to portray the result as a “stolen election” and an “assault on Israel.”

It was a new low to a shrewd veteran politician who has sustained his career on incendiary campaigns. But this is not simply a sore loser refusing to leave the political stage. It is an attempt to redefine legitimate democratic participation according to ethnic and ideological criteria – and to pre-tarnish those Israeli parties willing to cooperate with the “Arab parties” and perhaps to set the stage for a new attack against Iran, to foster domestic support.

An Israeli Palestinian citizen’s vote is constitutionally valid when it supports Netanyahu’s political survival; apparently, it becomes suspect when it threatens it.

Qatar: Another convenient scapegoat

Netanyahu’s latest accusation introduces a familiar foreign villain: Qatar. Likud alleged that Doha, possibly alongside Turkey, financed organizations mobilizing Palestinian voters, thereby helping manufacture the electoral defeat of the Israeli right.

Like most calculated nonsense, the accusation is politically convenient. Qatar hosts Hamas’s political leadership, has mediated negotiations over Gaza, and has become an established target of Israeli nationalist rhetoric. Yet the evidence presented so far does not establish that Qatar financed electoral fraud or manipulated the Israeli vote.

Qatar categorically denied interference, describing the allegations as a disinformation campaign. More damaging to Netanyahu’s narrative, the Central Elections Committee’s acting director-general, Dean Livne, rejected claims of widespread electoral fraud as baseless. The committee stated that there was no basis for alleging systematic damage to the election’s integrity.

The Shin Bet confirmed that, while its foreign-interference investigation was limited, originated in its own intelligence rather than information supplied by political parties, it did not implicate an entire community of Palestinian voters.

Investigating possible foreign interference is legitimate; converting an unfinished intelligence inquiry into proof that its “Arab citizens” stole an election is political manipulation. Netanyahu has transformed a narrowly defined security investigation into an expansive political indictment.

Qatar may be a convenient suspect, but it cannot substitute for evidence. And foreign interference, even if established in individual cases, cannot invalidate the lawful votes of hundreds of thousands of Israeli citizens, which is what Palestinians are.

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NPR Reveals Democrat Scheme To Rig AIs Into Deceiving Voters

Democrats love to decry misinformation, and they do so for a very specific reason: to distract from the fact that misinformation and Narrative™ control are the most powerful tools in their toolbox.

Don’t get me wrong; everybody wants to control The Narrative™. That is why everybody has a PR agent of some kind and uses rhetoric to persuade people. It’s just that the Democrats have a vice grip on the cultural means of production and the bureaucracies and institutions that provide “reliable” information, so Republicans have a tough time competing on this battleground, and their voters tend to be a lot more skeptical of narratives in the first place.

One of the brilliant things about decrying “misinformation” or “money in politics” is that you are telling people what they want to hear – that deceiving people is bad and that buying elections is wrong – and that makes people less likely to notice that you are deceiving people and buying elections.

After all, you are the people against that, right?

Yeah, well, no. Not in the least. The Left is all about both. Obama ran against both, for instance, but he ran the most expensive campaign in history, by far, when he ran and won, and one of the tools his campaign used was manipulating Google results to create a playing field that favored him.

Life in 2026 is far more complicated and sophisticated, and Democrats have adapted well to the landscape. And they have deep connections in Big Tech and own the PR landscape, so it shouldn’t surprise us that their geniuses have figured out how to poison AI to feed sophisticated misinformation to voters.

Ahead of the midterms, some voters are turning to ChatGPT to help them decide who to vote for. When asked for information about candidates in some highly competitive races, NPR found that OpenAI’s AI chatbot cited a set of websites that are thinly veiled political ads made to look like reporting from local news outlets.

Less than two weeks before Election Day, when asked “Which House candidates in [Michigan’s 4th Congressional District] care about affordability?,” the chatbot said Democrat Sean McCann had the “Most detailed published affordability plan” at the very top of its answer. The stakes in this race are high – it’s one of the competitive U.S. House races that could determine control of the chamber.

ChatGPT’s response when NPR asked “Which House candidates in [Michigan’s 4th Congressional District] care about affordability?”

As a citation, ChatGPT linked to a website called the Kalamazoo Beacon. The Beacon labels its articles as “news articles” in the website’s source code. The outlet also describes itself in the site’s source code as “Reporting on Kalamazoo, southwest Michigan, and the issues shaping lakeshore communities.”

But the Kalamazoo Beacon has only published 16 stories, all about McCann, his policy positions and his record as a state legislator, NPR’s review shows.

The Beacon is one of 10 “local news” websites that promote one Democrat apiece in competitive U.S. House races. The 10 sites are part of a larger group of 37 websites identified by the digital security firm VisionHeight that promote many more candidates, mostly Democrats, for a slew of federal, state and local offices, as well as some nonpartisan posts like judges.

ChatGPT’s citation of these websites highlights how AI-generated answers can become yet another avenue for stealthy political advertising as more voters consult chatbots before they head to the polls.

This is a far more sophisticated version of a tactic Democrats have used in the past: creating fake newspapers delivered to people’s homes, presented as “news” but really PR packages for candidates or parties.

But those were fairly transparent; seeding fake news into AI is not, because AI presents information as if it comes from neutral “news” sources, when in fact it is just laundered propaganda not identified as such.

In much the same way that Google will launder Wikipedia answers as authoritative in its AI summaries, making the left-leaning “editors” at the site extremely powerful in creating a Truman Show reality, the fake “news” sites provide another layer of credibility to campaign propaganda.

The set of 37 websites presents candidates in different, overlapping groups. Each of the 10 Democrats covered by a site purporting to cover local news is also the sole subject of a site that offers opinion articles about why voters should support them. The various candidates, who are running in different states, also show up in roundup-style articles on five more websites that have names such as “Public Safety Democrats” and “Democratic Women in the House.”

The volume of websites and articles may also help the network’s operator boost their preferred narratives, DiResta said.

Another 12 websites, each focusing on a state, covered the House candidates in those states as well as other state and local candidates running for office. The state and national websites also boosted an 11th House candidate that did not have her own dedicated site purporting to be local news.

While most of the sites are openly partisan, the articles published by the network link out to sources for the claims they make, such as congressional voting records, mainstream news articles and partisan news sources, such as the pro-Democrat Courier network.

The genius of these sites is that they are not meant to be read by humans at all. They are designed to optimize for web crawlers and cross-link so the network appears far larger and more credible than it actually is. It’s the same principle used in academic journals, where citations serve as a form of credibility checking (“peers take this work seriously”), which has led to junk papers actually getting more citations because they create a web of cites that make them appear influential.

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Connecticut Democrat State Rep. Arrested for Stealing Opponent’s Campaign Signs – Apple AirTag Tracker Led Investigators to Her Home

State Rep Anne Hughes (D) was charged with larceny after stealing campaign signs belonging to her opponent.

Apple AirTags in the signs led law enforcement to Anne Hughes’ home.

Hughes posted an ‘apology’ to Facebook after she got caught.

“Yesterday I removed lawn signs that shouldn’t have been on public property. I apologize for removing them rather than contacting the police or my opponent’s campaign to remove them, and I take full responsibility and accountability for my actions,” Hughes said.

“Campaigns should be about issues and differences of ideas, not yard signs. I apologize for the distraction, and am committed to having civil discourse with my opponent for the duration of this campaign season,” Anne Hughes said in a Facebook post on Saturday.

State representative Anne Hughes was arrested on Friday after several stolen political signs were located on property owned by Hughes, according to police.

The Easton police department received a complaint from the Darrell Harris campaign staff that several political signs were stolen from the side of the road in the area of Route 59 and Judd Road.

After further investigation, police say that an AirTag tracker showed that at least one of the signs was located on property owned by Hughes.

A follow-up investigation was conducted by police, which led to Hughes returning several signs, including the sign with the AirTag tracker.

Police found probable cause to issue Hughes a misdemeanor summons for sixth-degree larceny.

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Democrat Rep. Jim Hines Threatens Elon Musk, Says Democrats Have War Gamed Fantasy Violent Election Day Chaos Caused by Musk Manipulating Algorithms That Causes Armed Citizens to Attack Polling Places

Democrats have war-gamed potential Election Day chaos that includes armed groups attacking polling places after being manipulated by Elon Musk, according to Rep. Jim Himes (D-CT) in remarks to the left-wing news site MeidasTouch published Friday.

Himes threatened X social media site owner Musk, saying, “I’m looking at you here, Elon Musk…We’re watching very closely.”

Himes speculated that Musk could manipulate algorithms to spread rumors about illegal aliens voting that would provoke armed groups to attack polling places, giving President Donald Trump the opportunity to bring in federal law enforcement.

Himes, who has served in Congress since 2009, is the ranking member of the House Permanent Select Committee on Intelligence.

Himes said the group that ran the war game included Rep. Jamie Raskin (D-MD), Rep. Joe Morelle (D-NY), lawyers, and nonprofit groups.

Himes noted Musk has spent hundreds of millions of dollars to support Republicans this election and owns X. Himes said Musk or others could spread false rumors or manipulate algorithms to stir up chaos and violence.

Transcript:

Jamie and I, again with Joe Morelle and others, and lawyers and as he said nonprofits, we’ve, we’ve, we’ve wargamed a lot of these scenarios and one of these scenarios, and I’m looking at you here Elon Musk because you know, he in particular has been a massive financial player in this election. Hundreds of millions of dollars of his own fortune has gone into supporting Republican candidates. And of course he controls a major social media platform uh, X, what used to be Twitter.

And one of the scenarios we gamed out is that one of these lords of, uh, of technology decides in the middle of the day to start propagating misinformation to, and again there’s a thousand scenarios here none of which are particularly happy to contemplate, but one of them is that Elon Musk and I don’t mean to, you know, say he’s the one who’s going to do this, but he certainly has the power to alter those algor, algorithms or to tell a story that is false, you know, to say that reports in Michigan are that massive numbers of the undocumented are voting in the election. And in that moment, this is an opportunity to manipulate people. And if a whole bunch of guys with guns in Michigan see a bunch of social media posts that suggest falsely that, you know, the undocumented are, are, are voting in Detroit, the you know, what’s to stop them from jumping into trucks armed and showing up at polling places?

Now local police are overwhelmed and you know, heaven forbid there’s some sort of violence and the local police are overwhelmed. What do you think the president’s going to do? Well, he’s going to send in federal uh, law enforcement.

So, um again, um I, I, I don’t want to suggest that that is absolutely the scenario that is going to happen, but you can’t be too suspicious or prepared. And so, you know, we have been in contact with um, uh, these many leaders who do not have the benefit of the doubt these days to say, you know, we’re watching very closely. There are, more importantly, there are lawyers who are watching very uh, closely about whether you take any steps that are either aggressive against uh, the proper functioning of our democracy or negligent.”

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CDC Death Certificate Codes Show ‘Robust Safety Signal’ for COVID Vaccines

The number of U.S. death certificates listing Y59.0, the code for a death caused by a viral vaccine, rose from fewer than 10 per year through 2020, to 198 in 2021, the year COVID-19 vaccines rolled out, according to a new analysis of CDC data by the research group CORRELATION.

Researchers said the significant increase in certified vaccine deaths starting in 2021 is “unprecedented,” at least since 1968, and constitutes “a robust safety signal for COVID-19 vaccines.”

“Our results show that exceptional and brave attending physicians reported COVID-19 vaccine-caused deaths on the death certificates that they were legally mandated to complete, despite the large professional, institutional and political bias against doing so, and that these death-certificate results constitute a significant safety signal unprecedented since at least 1968,” Denis Rancourt, Ph.D., lead author of the analysis, told The Defender.

He added:

“There is no justification for a claim that the COVID-19 vaccines are ‘safe,’ since they caused certified deaths, beyond any previous levels for any vaccine type. The side effect of death must be mentioned when informing patients. There is a definite lower-bound risk of death that cannot be argued away by health agencies.”

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Son of Alaska’s ‘Decoy’ Dan Sullivan works for Dem Rep. Marie Gluesenkamp Perez

The son of an Alaska Senate candidate accused of trying to draw votes away from Republican Sen. Dan Sullivan works for Democratic Rep. Marie Gluesenkamp Perez of Washington, who previously served alongside Mary Peltola in the leadership of the Blue Dog Coalition.

Noah Casey Sullivan, the son of retired Petersburg teacher Dan J. Sullivan, serves as a field representative for Gluesenkamp Perez, whose district covers southwestern Washington. Congressional salary records list Noah Sullivan working in that position during 2025 and 2026.

Gluesenkamp Perez and Peltola served together as Blue Dog Coalition co-chairs during the 118th Congress.

The employment connection comes amid broader scrutiny of whether Democratic operatives helped put a second Sullivan on Alaska’s ballot to confuse voters and benefit Democratic challenger Peltola.

Dan J. Sullivan entered the race as a Republican in May, challenging the incumbent, Dan S. Sullivan. Republicans questioned his party affiliation, previous contributions to Democrats, and campaign materials they alleged resembled the senator’s branding. Donation records cited in a National Republican Senatorial Committee letter identified $650 in contributions to Democratic candidates between 2010 and 2025.

The challenger also received assistance launching his campaign from political consultant Amber Lee, who has supported Peltola and worked with Democratic candidates. The Petersburg Pilot reported that Lee helped prepare his announcement and website. Sullivan said he found her business through an online search.

Sen. Sullivan has accused the challenger of deliberately exploiting their shared name.

“His whole purpose of running is to confuse Alaskans, to make them think – Alaskan voters – that somehow he’s me, so they could rig the vote in favor of Mary Peltola,” he said in an interview with CNN.

“This is just corruption. They’re trying to cheat. I mean, there’s no plausible explanation.”

The Petersburg candidate has defended his candidacy, telling the Anchorage Daily News: “I have done nothing that should prevent me from running in this race. I filed correctly. I paid my fees. I’m not quite sure what the stink is, but I guess I’ll find out.”

Alaska election officials initially removed him from the ballot after determining that his candidacy was not filed in good faith. The Alaska Supreme Court upheld his eligibility in June, ruling that officials could not impose additional qualifications beyond those established by the US Constitution.

The dispute escalated this week after a New York Times investigation reported that Peltola campaign aides and Democratic operatives participated in efforts to recruit a candidate sharing the incumbent’s name. NBC News reported that federal investigators issued at least three dozen new subpoenas and document preservation requests, including to the Peltola and Dan J. Sullivan campaigns. Gov. Mike Dunleavy also ordered a state investigation.

Roughly 58,000 Alaskans had already voted when the recruitment report emerged, according to Fox News.

Peltola initially dismissed the reporting as “just another distraction” intended to “sell newspapers.”

Peltola denied knowing about the recruitment effort at a campaign event Thursday. Dan J. Sullivan has also denied running at Democrats’ direction or having contact with her campaign.

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US Attorney in Arizona Investigating Three Leftwing Groups for Registering Non-Citizens After Muckraker Report on Pro-Katie Hobbs Groups – Matter Referred to the FBI

The US Attorney for the District of Arizona has opened an investigation into three leftwing nonprofits in Arizona for “registering non-citizens to vote in Arizona.”

The three groups under investigation are Stand Indivisible Arizona and Worker Power, two nonprofit groups backing Arizona Governor Katie Hobbs and other Democratic candidates, and When We Count, the Democratic National Committee’s own national voter registration program.

“The United States Attorney’s Office has already referred the matter to the FBI for a thorough federal investigation,” US Attorney Timothy Courchaine’s office announced in a press release.

This comes after Muckraker released a report, featuring volunteers from the three organizations attempting to register undercover journalists posing as non-citizens and felons.

When Katie Hobbs was asked about the groups’ attempts to cheat, she ran away from questions.

In letters to Democratic Arizona Secretary of State Adrian Fontes and Republican Maricopa County Recorder Justin Heap, US Attorney Timothy Courchaine writes, “Based on written and video reports, personnel acting on behalf of the following organizations either intentionally disregarded or were recklessly ignorant of Arizona’s law prohibiting the registration of non-citizens in elections.”

“Based on a cursory review, it appears these organizations and their volunteers or employees may have violated A.R.S. § 16-182 by knowingly causing or procuring another person to be registered while knowing that person is not entitled to register to vote,” he continues, requesting a review of voter registrations submitted by the three groups.

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Report: Marriage License Application Reveals Ilhan Omar Appeared Unsure of Her Name

Rep. Ilhan Omar (D-MN) appeared confused about what name to use when applying for a license for her marriage to her alleged brother Ahmed Elmi in 2009, the New York Post reported Friday along with what appears to be a photo of the document.

An apparently certified copy from the Hennepin County, Minnesota, government shows that the congresswoman’s surname was initially written as Omar, but then was crossed out and replaced with Elmi before a final edit reverted it to Omar, the conservative New York tabloid reported.

The document will no doubt come into play in a Department of Justice (DOJ) investigation into whether the outspoken Somali-born Minnesota congresswoman committed fraud gaining her U.S. citizenship in 2000 by allegedly failing to use her accurate legal name and birthdate.

Another eye-opening revelation in the ongoing news reports on the controversy is that the man she applied to marry with the document describes himself as gay.

Omar’s legal name is a key element in the probe as the DOJ in its court filing last week named her as “Congresswoman Ilhan Nur Said Elmi, a/k/a Ilhan Abdullahi Omar.”

A source familiar with the investigation had told the news outlet that Omar is a fictitious name and that she was born with the last name of Elmi, the same as her alleged brother she purportedly married.

The marriage certificate application, dated February 12, 2009, has other entries that could be relevant in the probe. It asks whether the bride and groom are related to each other by blood or adoption. The couple checked the “no” box.

Omar’s office did not respond to the Post for comment on the marriage license application.

Meanwhile, the Post also reported, “It’s unclear who filled out the application, but it appears to have been written with just one person’s handwriting.”

Also, unlike the Justice Department’s recent reference to Omar’s alleged true name, the initial revision was written as “Ilhan Omar Elmi,” the document shows.

Omar has denied the allegations of fraud and called the investigation and questions about her marriage a racist conspiracy theory and a politically motivated smear by Republicans and President Donald Trump.

However, when MS NOW anchor Chris Hayes recently asked her if she was related to Elmi, she answered, “Not to my knowledge,” an odd response that also made headlines.

According to the Post, “An image of the marriage application has circulated online for years and appears to have been first published in August 2016 by the Minnesota outlet Alpha News. It has until now largely gone untouched by major news outlets.”

Scott W. Johnson, a retired Minneapolis attorney, who has been investigating the “curious case” of Omar and allegations of fraud for nearly a decade, told the Post “the whole thing is a red flag.”

“Questions should be asked,” he said. “She’s never answered them.”

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The Democrats’ ‘All Trick, No Treat’ Strategy

The gloaming deepened on a Halloween in the early 1970s. A restless gaggle of youths just turned teens pondered making a final stab at trick-or-treating. The problem? They had no costumes, having earlier laughed at how such garb was for little kids, not for them. But now, uncool or not, those costumed kids were getting free candy. They were not.

Amid the enveloping darkness, Jack-o’-lanterns flickered and costumed children tittered and flitted from door to door. Time was expiring. What to do?

One youth, his face etched with angst, hesitantly floated a trial balloon in the gloaming. “Let’s just knock doors like this.”

The gaggle eyed one another’s black T-shirts, jeans, and boots. The bald suggestion hung in the air until –

Shrugs. Swiftly, pillowcases were pilfered from their unwitting parents and the gaggle’s quest for treats sans costumes commenced.

It didn’t go well. The adults who actually answered their doors to the gaggle were less than impressed by these youths’ brazen attempt to get candy. Their glares and questions were always the same. “Where are your costumes?”

The youths’ response, too, was constant: “We’re late 20th-century teenagers.” Almost invariably, it went over like a lead balloon (or, given it was the late 1970s, more like a Led Zeppelin). Needless to say, no free treat was forthcoming.

There was, however, a singular exception to the rule. One elderly man, upon opening his door, did let out a low whistle at the restless gaggle’s “gumption.” But this backhanded compliment was all he tendered before he yanked his candy bucket back behind his less-than-politely closed door.

The lesson of this Halloween horror story? Sometimes you need to wear a costume to get what you want.

Today, this lesson forms the basis of the Democrats’ general election strategy.

In their primaries, many successful Democrat candidates won by appealing to their party’s extreme, America-loathing, socialist wing. It was an authentic approach, for they were making a legitimate appeal to like-minded left-wing extremists. Being and articulating exactly who they are, these radical candidates received what they sought from their fellow travelers – the Democrat Party’s nomination.

Yet, while a necessary step, the nomination was not the ultimate destination. Thus, on the cusp of the general election, these far-left, extremist Democrats in competitive seats resembled the gaggle of restless youths from that Halloween back in the 1970s.

Were these Democrats to wage general election campaigns by remaining true to their radical selves, some citizens may well begrudgingly admire their gumption for admitting they are “21st-century Bolsheviks” and, in some socialist circles, reward them with a vote or two. But the bulk of voters would find these radical Democrats unpalatable. As a result, these extremists would not get the treat they sought – namely, enough votes to win the general election.

Their cynical solution? The Democrats’ “all trick, no treat” political strategy.

Armed with millions in billionaires’ chump change (and heaven knows what other funding sources), these Democrat extremists conveniently doff their hidebound socialist ideology, wrap themselves in the American flag, and tuck their hammer and sickle beneath it. Ta-da! These hardcore leftists are now the costumed “moderates” knocking on your door begging for your vote.

But before you reward them for temporarily cloaking their radicalism, recall the recent past when they tricked enough citizens into treating them with their vote.

How quickly these alleged moderates ripped off their masks and revealed themselves in word and deed.

These radical Democrats passed trillions of dollars in spending bills that enriched their political cronies and spurred rampant inflation; opened wide the border for millions of illegal entries; imposed the illiberal, inherently divisive diversity, equity, and inclusion identitarian ideology; weaponized the police powers and intelligence agencies of the state against those who dissented from their radical policies, including concerned parents and devout Catholics, among others; and waged their postmodernist war against objective truth, particularly Judeo-Christian principles and Western civilization generally.

It’s all a trick. And there is no treat – well, at least not for you.

Ironically, like the restless gaggle of youth who have no other option, it is the GOP whose nominees are trick-or-treating sans costume. They are who and what they claim to be: protectors and promoters of the permanent things of faith, family, community, and country.

No wonder the other part of the Democrats’ “all trick, no treat” campaign strategy is their deceitful ads trying to garb these GOP candidates in threadbare falsehoods equally as outrageous as the “moderate” costumes they cloak themselves in.

In fact, ironically reverting to the garb of the 1970s gaggle of youths, these far-left Democrats wear costumes of black T-shirts, jeans, boots, and sundry other “blue-collar” garb to court working voters, of whom they have, at best, an abstract understanding. All the while they calumniate their Republican opponents and ignore how their own party’s failures have caused the very problems they decry.

As for answers, however, they do have them. But you won’t hear them until they have tricked their way back into office and treated themselves to the levers of power over your life.

Only then will these radical Democrats once more rip off their “moderate” Captain America masks and reveal that their radical plans were already put forward during their primaries, when they were being themselves and talking to their fellow Democrat extremists.

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“Very Intentional”: Steve Eisman Thinks Anthropic Is Hiding Something

Steve Eisman, the investor made famous by The Big Short for recognizing the subprime mortgage disaster before much of Wall Street, is now accusing Anthropic of deliberately withholding its latest quarterly financial statements from investors ahead of its potentially $2 trillion IPO.

Speaking Wednesday on Prof G Markets, Eisman questioned why Anthropic’s October 26 prospectus contained financial statements only through June, despite more recent information suggesting the company’s explosive growth may already be losing momentum, according to the podcast and Yahoo.

Asked whether he believed the omission was deliberate, Eisman answered: “Only very intentional.”

That’s a pretty serious allegation, particularly coming from somebody whose reputation was built on recognizing financial absurdities that the rest of Wall Street was perfectly content to ignore. And it dovetails almost perfectly with what I’ve been arguing about the AI bubble for months.

On September 29, I published It’s Official: The AI Emperor Has No Clothes, examining Anthropic’s extraordinary losses, its enormous infrastructure commitments, and the growing disconnect between the enthusiasm in AI equities and the warnings emerging from credit markets.

My argument then was that investors were beginning to get their first meaningful look at the financial machinery behind the AI boom, and what they were discovering wasn’t particularly encouraging.

Now Eisman is suggesting that even this picture may be considerably rosier than the company’s latest numbers would indicate.

According to Reuters figures discussed by Eisman, Anthropic’s quarterly revenue growth decelerated from 144% in the second quarter to 45% in the third. That’s still spectacular growth by ordinary standards, but for a company seeking a valuation approaching $2 trillion, a slowdown of that magnitude deserves considerably more scrutiny than it’s getting.

More concerning is the apparent deterioration in the economics of generating that revenue. Eisman says Anthropic produced $2.08 in revenue for every dollar spent on computing and infrastructure during the second quarter. In the third quarter, that figure dropped to $1.70, a decline of approximately 18%.

In other words, compute spending went from consuming roughly 48 cents of every revenue dollar to nearly 59 cents in just three months.

That’s not exactly the direction you’d hope to see from a company about to IPO, whose valuation depends on the assumption that scaling its technology will eventually produce extraordinary profitability.

Eisman believes part of the explanation is the fading of what he calls “tokenmaxing,” a period when businesses encouraged employees to consume enormous quantities of AI computing resources without worrying much about the bill.

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