Those are perfectly fine beliefs, but again - how will they achieve ROI? If their finances are "incredible" while they're both in the red, their mediocre quart

Those are perfectly fine beliefs, but again - how will they achieve ROI? If their finances are "incredible" while they're both in the red, their mediocre quarters will be devastating for investors. They either have to find a new revenue stream (likely from the federal government) or reduce their spending significantly. IPOing under the current condition would be a treadmill that neither company can recover from, even if retail investors shower them with cash. However, I will push back on three of your beliefs. Objectively speaking, market share has been lost to China, the frontier is more competitive than it was 3 years ago, and the GPUs that OpenAI and Anthropic buy are almost never at MSRP. I get that you're bullish on American AI, but the writing is on the wall and economists generally aren't echoing your sentiment for a reason.