{
  "generatedAt": "2026-10-22T03:46:57Z",
  "disclaimer": "Analysis and opinion, not investment advice.",
  "kind": "person",
  "slug": "longriver",
  "name": "Longriver",
  "role": null,
  "url": "https://deepstack.ltd/people/longriver/",
  "api": "https://deepstack.ltd/api/v1/entities/people/longriver.json",
  "summary": "Longriver is named in 4 Parts of The Buildout, most recently Part 16: The Seller Holds the Paper. Argued in Part 1 (Voices that cross sides), Part 12 (The frontier is still paid), Part 14 (The buyers have not paid yet).",
  "parts": [
    {
      "part": 1,
      "headline": "Nvidia’s Demand Is Real. Its Financing Is Fragile.",
      "url": "https://deepstack.ltd/stories/nvidias-demand-insatiable-or-manufactured/"
    },
    {
      "part": 12,
      "headline": "The Model Is Not the Price",
      "url": "https://deepstack.ltd/stories/the-model-is-not-the-price/"
    },
    {
      "part": 14,
      "headline": "The Cash Arrives Unevenly",
      "url": "https://deepstack.ltd/stories/the-cash-arrives-unevenly/"
    },
    {
      "part": 16,
      "headline": "The Seller Holds the Paper",
      "url": "https://deepstack.ltd/stories/the-seller-holds-the-paper/"
    }
  ],
  "numbers": [],
  "mentions": [
    {
      "part": 1,
      "section": "Backlog or bottleneck",
      "excerpt": "Graham Rhodes of Longriver, whose fund has owned Nvidia since 2025, changes the unit of account.",
      "url": "https://deepstack.ltd/stories/nvidias-demand-insatiable-or-manufactured/"
    },
    {
      "part": 12,
      "section": "Lede",
      "excerpt": "Longriver Investment Partners Limited, in its July 20 letter, relayed an annualized run-rate at Anthropic of $1 billion at the end of 2024, $9 billion at the end of 2025 and almost $50 billion in May, as proof that customers pay for agentic work.",
      "url": "https://deepstack.ltd/stories/the-model-is-not-the-price/"
    },
    {
      "part": 12,
      "section": "The filing sets the price",
      "excerpt": "Longriver's run-rate was judged in direct contradiction with three managers of the same season.",
      "url": "https://deepstack.ltd/stories/the-model-is-not-the-price/"
    },
    {
      "part": 12,
      "section": "Four run-rates, three dates",
      "excerpt": "Longriver's Anthropic run-rate was almost $50 billion in May.",
      "url": "https://deepstack.ltd/stories/the-model-is-not-the-price/"
    },
    {
      "part": 14,
      "section": "The buyers have not paid yet",
      "excerpt": "Longriver Investment Partners warned in its July 20 letter that AI can transform business and still fail its builders, because revenue can arrive well before owner earnings.",
      "url": "https://deepstack.ltd/stories/the-cash-arrives-unevenly/"
    },
    {
      "part": 16,
      "section": "The loan is a bridge",
      "excerpt": "Longriver Investment Partners Limited told clients on July 20 that Anthropic's reported annualized revenue went from about $1 billion at the end of 2024 to almost $50 billion in May 2026, evidence in its view that customers will pay for agentic work.",
      "url": "https://deepstack.ltd/stories/the-seller-holds-the-paper/"
    },
    {
      "part": 16,
      "section": "Two labs carry the chain",
      "excerpt": "Longriver's almost $50 billion in May had become about $65 billion by August, a figure that Tae Kim of Key Context wrote on August 21 the market treated as a disappointment; he called that an overreaction, since the growth rate was still extremely high.",
      "url": "https://deepstack.ltd/stories/the-seller-holds-the-paper/"
    }
  ],
  "sides": [
    {
      "part": 1,
      "question": null,
      "side": "crossing",
      "sideLabel": "Voices that cross sides",
      "claim": "Long since 2025, and author of the bear case's most honest sentence.",
      "date": null,
      "url": null,
      "linkVerified": false,
      "storyUrl": "https://deepstack.ltd/stories/nvidias-demand-insatiable-or-manufactured/",
      "sidesUrl": "https://deepstack.ltd/sides/nvidias-demand-insatiable-or-manufactured/"
    },
    {
      "part": 12,
      "question": null,
      "side": "the-frontier-is-still-paid",
      "sideLabel": "The frontier is still paid",
      "claim": "Reported revenue acceleration at the two leading model companies — an annualised run-rate said to go from USD 1 billion at end-2024 to USD 9 billion at end-2025 to almost USD 50 billion in May this year at Anthropic, with a similar trajectory at…",
      "date": "2026-07-20",
      "url": "https://fiscal.ai/fund-letters/longriver-investment-partners-limited-q2-2026-fscl_document_8HDF9YVG683",
      "linkVerified": true,
      "storyUrl": "https://deepstack.ltd/stories/the-model-is-not-the-price/",
      "sidesUrl": "https://deepstack.ltd/sides/the-model-is-not-the-price/"
    },
    {
      "part": 14,
      "question": null,
      "side": "the-buyers-have-not-paid-yet",
      "sideLabel": "The buyers have not paid yet",
      "claim": "He states it is equally possible that AI transforms business and society yet fails to earn an adequate return for the companies that built it, since revenue can arrive well before owner earnings if depreciation understates obsolescence or…",
      "date": "2026-07-20",
      "url": "https://fiscal.ai/fund-letters/longriver-investment-partners-limited-q2-2026-fscl_document_8HDF9YVG683",
      "linkVerified": true,
      "storyUrl": "https://deepstack.ltd/stories/the-cash-arrives-unevenly/",
      "sidesUrl": "https://deepstack.ltd/sides/the-cash-arrives-unevenly/"
    }
  ],
  "coverage": null,
  "lastUpdated": "2026-10-22"
}