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Recent work from SemiAnalysis estimates Anthropic could have 88% margins after compute costs for their inference business. That INCLUDES the "heavily subsidized" subscription business, which is still served at a 50% compute margin. But what about training costs? Even if you assume 70% of compute is going towards R&D, you still blend to a 60% company level margin. Add in your assumptions for data & talent costs and you can start to see how the market could be very wrong about frontier lab profitability and the sustainability of the AI buildout.