What’s news to me is that Anthropic reports that it has 88% gross margin. I find that extremely hard to believe with the capex required to build and run the models.
Accounting 101: CapEx doesn’t directly affect either gross or net margin (when the expenditure occurs). It is capitalized on the balance sheet and affects profitability over time (through depreciation or amortization).
It’s not really over time though is it - it recorded a net loss of $42billion this year. So one can sandbox these figures all one wants and show such profitability but even a casual look at the numbers shows that 88% figure to be a nonsense. But ok fine accounting yadda yadda they’re profitable.