Anthropic has set the terms for its initial public offering (IPO), with an expected price between $70 and $78 a share for 825 million shares. The artificial intelligence (AI) firm plans to list on the Nasdaq under the ticker “ANT.”

The amended filing also added something its earlier version didn’t have. Seven firms agreed to buy a combined $26.0 billion in Anthropic shares in a private placement at the IPO price. At the $74 midpoint, Nvidia (NVDA +2.87%) and Alphabet’s (GOOGL +2.11%)(GOOG +2.00%) Google each account for about $10.0 billion of that.

The deal comes in a tough patch for Nvidia’s stock, which traded below $170 as of this writing, more than 30% under its 52-week high.

But I think the investment says less about Nvidia’s chip…