They are purposely losing billions, this is a growth phase where all of the big AI companies are racing to grow their userbase, later down the line they will monetize that captured userbase.

This is very similar to Uber which lost money for 14 years before becoming profitable, but with significantly more upside.

Investors see the growth, user stickiness and potential for the tech; and are throwing money to burn to be part of the winning team, which will turn on the money switch on that userbase down the line.

The biggest companies and investors in the planet aren't all bad at business.

I'd say the userbase has grown. You can't claim half a billion users and simultaneously say you're still trying to grow. This isn't a month-old technology now. And they still can't turn a profit. (edit: and by "you" i meant "they")