There isn't a single thing about how the AI companies are operating that looks like a normal business. I know people who were in the room when Scott Sullivan, CFO of Worldcom, assured everyone that the future was bright at Worldcom days before they collapsed. So you'll have to excuse me if I don't believe the words of someone whose sole job is to justify hundreds of billions of dollars being thrown at Anthropic when he says their future is bright.

I agree that the amount of investment thrown at these companies is absurd.

But I also think that their API token pricing represents a real margin over the inference costs for serving those tokens.

Both things can be true at once.