> Openai and Anthropic have 40-60% gross margins.

Stop this trope please. We (1) don't really know what their margins are and (2) because of the hard tie-in to GPU costs/maintenance we don't know (yet) what the useful life (and therefore associated OPEX) is of GPUs.

> If they stopped training and building out future capacity they would already be raking in cash.

That's like saying "if car companies stopped researching how to make their cars more efficient, safer, more reliable they'd be more profitable"