In year three your competitors invest in making a better model and crush your business because you have no moat at all.

The entire business requires massive ongoing investment because getting massive investments is the only thing resembling a competitive advantage that you can get.

The equivalent to anything you can do will be available as an open weight set in six months to a year. Sink or swim.

Sorry that's confusing cash flow with profits, where things get amortized

It's not basic math when the numbers are this big. There's not going to be $50 billion coming in Year 3 if there's a market correction and lenders scale back financing. Borrowed money is how companies are paying for AI, and that's the first thing that disappears in a recession.