This is exactly how Cloud Computing looked in 2012-2018. Dumping huge $ into computing buildout that wasn't profitable yet. All those co's: Amazon, GCP, Azure paid off immensely and are ridiculously profitable.
And Amazon was famously "unprofitable" for their first 9 years because they were investing all their very real profits into a form of capital that the US tax code didn't recognize.
Frontier labs are also reinvesting their tens of billions of revenue back into infra scaleout, sounds like Amazon.
If 2 of 3 were like this, and Azure numbers were never split out, want to take a guess what the economics of the third was like too?
Cloud computing was still profitable the entire time. Amazon alone could cover all of GCP expenses.
Amazon's incubation of AWS was methodical and transparent. OpenAI is saying that they don't expect to be profitable until at least 2030, with over a trillion dollars in committed spend before that point. It's the largest "trust me bro" play in human history.
damned if you do.
damned if you don't.