It's still circular. They will succeed or collapse together. And since they make up such a fraction of global market cap, we're in for the ride together.
And the circularity makes the actual investment numbers fairly meaningless. They don't mind if they end up overpaying for future services, as long as they overpay each other equally.
Even if Anthropic completely folds, that wouldn't "collapse" Google. $40B is less than 1/3 of Google's net income (that is, the profit they made which otherwise would just be lying around) in a single year.
And the circularity makes the actual investment numbers fairly meaningless. They don't mind if they end up overpaying for future services, as long as they overpay each other equally.