Given these numbers, I don't get the whole Anthropic profitability concerns

preview.redd.it/fuw0jukvfqth1.png The main Reddit narrative is that AI labs are blackholes sucking infinite amount of money and will never see profitability. But if you look at current Anthropic's revenue growth and expected spending, the profitability path is clear: - 2025: revenue $4.6B, operating loss $8.1B - Q1 2026: revenue $4.73B - Q2 2026: revenue $11.5B+, first quarter of positive adjusted operating income, Q3 on track for a second - Compute cost per revenue dollar fell from 71c to a projected 56c in one quarter - Run rate went from $9B (end 2025) to $65B+ (end July) I built a rough scenario model on top of that suing Claude (see chart). If revenue only gets to $145B in 2028, which is a quarter short of the company's own $190-200B target, it still turns a full-year operating profit in 2027. Even a stall case, with growth around 15%/yr and sticky compute costs, gets there by 2029. So what am I missing? Why are people so pessimistic about profitability?