I don't see how Anthropic can become profitable enough to justify its investments unless they can either stop training models ("Pace the Frontier!!1"), or magically eliminate open source competition so that their volume x margin on inference is high enough to dwarf the training costs.
For the IPO, I assume they're going to try to get everyone to focus on inference - which is profitable in isolation. But I don't know how they'll distract the market from the other half of the equation.
For the IPO, I assume they're going to try to get everyone to focus on inference - which is profitable in isolation. But I don't know how they'll distract the market from the other half of the equation.