$ZM – Best Anthropic Play, Below Nav 20-1 Idea

Looking at options a few weeks out, napkin maths… If people clock on then this is an easy 20% move on the underlying imo. Which in options is a wild r/R

This move in $VCX because of their exposure to Anthropic.. then you have people pumping $ORBS because of its exposure to inferior OpenAI.

Yet $ZM, yes, Zoom Video owns a 1% stake in Anthropic due to its early investment in 2023. In fact, it owns far more than any of these combined.

Furthermore, it generates 2bn in FCF a year, has a market cap of 22bn, with 7.8bn in cash.

Giving it an EV value of 14.8bn with its Anthropic investment worth approx 4bn Meaning, its entire core business trades at 5x FCF ($10bn)

Making Zoom essentially the best way to publicly gain exposure to Anthropic. In a realistic sense you’re buying Anthropic here for below NAV, when standard multiples are applied to ZMs core business.

Making $VCX $ORBS and $DXYZ look ridiculous.