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Oh definitely. I think it's anthropic who have stated in multiple interviews that they break even on most of their models, it's just that they keep spending exponentially more to train the next model. They and openai seem to be stuck in an arms race where switching to purely serving existing models to their existing clients just won't work. I do wonder how accurate that assessment is on their part.
There's also DeepSeek eating revenue that would go for those more "mature" models.
Words are cheap pre IPO. I don't believe that for a second.