In theory they can increase prices once the customers will be hocked up. That's how many startups works.
I mean we just have to look at old discussions about Uber for the exact same arguments. Uber, after all these years, still is at a negative 10 % lifetime ROI , and that company doesn't even have to meaningfully invest in hardware.
IMO this will probably develop like the railroad boom in the first half of the 19th century: All the AI-only first movers like OpenAI and Anthropic will go bust, just like most railroad companies who laid the tracks, because they can't escape the training treadmill. But the tech itself will stay, and even become a meaningful productivity booster over the next decades.
He often gathers good information but his analysis of that information appears to be heavily influenced by the conclusions he's already trying to reach.
I do pay attention to him but I'd like to see similar conclusions from other analysts against the same data before I treat them as robust.
I don't personally have the knowledge or experience of company finance to be able to confidently evaluate his findings myself!
Training costs are fixed at whatever billions of dollars per year.
If inference is profitable they might conceivably make a profit if they can build a model that's good enough to sign up vast numbers of paying customers.
If they lose even more money on each new customer they don't have any path to profitability at all.