ANT also has positive gross margins, so they aren't selling gold bars for $1.
I don't understand why people on HN treat ECON101 like some fringe theory every time this is discussed. This is basic stuff.
They have yet to release a model that has made more in revenue than it cost to develop...and each new generation costs more to develop than the preceding generation. Costs increases outpace revenue increases with every generation, across the industry, and LLM-based cash flows are highly negative even at Google and Microsoft.
Customer use of LLMs is decreasing after quarters of growth. Execs were all in on pretending LLMs were the future until the WSJ/Stanford report revealed what everyone outside of tech already knew: LLM use has not correlated with any measurable productivity growth in any non-programming industry. (And arguably, the same is true in tech as well: LOC has increased but quality has dropped, so the net change to productivity is de minimis.)
Right now, I could start a business selling gold bars for $1 a piece. There would be more people interested in that than Anthropic.