I really doubt that, in an industry where chips are so hard to come by, draw so much power and are so terribly expensive, big players could at any time flip a switch and become profitable.

They burn through insane amounts of cash and are, for some reason, still called startups. Sure, they'll be around for a long time until they figure something out, but unless hardware prices and power consumption go down, they won't be turning a profit anytime soon.

Just look at YouTube: in business for 20 years, but it's still unclear whether it's profitable or not, as Alphabet chooses not to disclose YT's net income. I'd imagine any public company would do this, unless those numbers are in the red.