A few things to note - the financial literacy here is... sometimes lacking? 1. Revenue GROWTH is 3.5x; Expense GROWTH -> Slightly less than 3x. There's a path to profitability 2. However, the COSTS probably assume a 5 (or longer) year depreciation on GPUs. If that assumption dies, the whole thing goes down.

If R&D costs don't go up - where does the moat come from? Cheaper players catch up with 'good enough' and will erode their revenue. Most of human tasks just don't require that much intelligence.

They're racing toward 'superintelligence' that recursively self-improves.

No indication we're anywhere close to reaching it.

Going to be an interesting year to say the least.