> If you were to treat all the hyperscalars as one company with one 10-K then Anthropic buying compute from SpaceX/xAI is an internal bookkeeping transfer between two departments

This is literally true for any revenue. Treat the buyer and seller as a single company and their transaction is internal.

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dualvariable 4 hours ago | parent [-]

Because it is hiding the fact that there's very little external revenue coming into the AI sector compared to the costs. AI companies doing business with each other isn't net revenue into the sector. Treating the whole sector as a single entity isn't arbitrary.

	▲	JumpCrisscross an hour ago \| parent [-]
		> it is hiding the fact that there's very little external revenue coming into the AI sector compared to the costs There is a lot of revenue dumping into this sector. If there weren’t, you’d have a point about manufactured numbers. But I don’t think anyone seriously doubts Anthropic and Google are hauling in serious dough. The question, as you point out, is how much they are keeping. But xAI selling compute doesn’t really hide any of that. If anything, given the prices Musk is getting, it adds to the cost line. (And xAI isn’t masking compute revenue as Grok’s.)