> The 80% figure on compute margins that is widely discussed is based on analysis by SemiAnalysis No. To quote from my link above: > Anthropic has told its

> The 80% figure on compute margins that is widely discussed is based on analysis by SemiAnalysis No. To quote from my link above: > Anthropic has told its backers it will be profitable this quarter, as it moves to allay investor concerns about the aggressive cash burn of frontier AI companies ahead of its blockbuster initial public offering. > The company has told a small group of shareholders that its adjusted operating income will be positive for the second consecutive quarter, [snip] > Anthropic’s gross margins are above 80 per cent before accounting for revenue shared with distribution partners, including Amazon, and the cost of training its models, according to two of the people. So this is a direct claim by Anthropic people, not analysis by outsiders. > If their margins are 80%, that means on $10 billion in revenue they're spending just $2 billion. Agree - but only spending $2B on inference. > Anthropic's own announcements put their spending at much, much higher, such as the $1.25 billion per month they are paying to SpaceX for compute, and the ~$3.5 billion they're paying to Google each month, and the billions to Amazon each month too. I don't believe this compute is sorely dedicated to inference. Only the part dedicated to inference is included in this profit rate calculation.