🤖 Does AI have durable profits, or just explosive growth? Anthropic’s reported numbers raise a serious question about the AI business model. 📈 Revenue keeps climbing: Q1: $4.7B Q2: $11.6B Q3: $16.8B But quarterly growth reportedly slowed from 145% to 45%. Here’s the tension 👇 🟢 Claude token usage is up 90%. 🔴 Customer spending is up just 19%. ⚡ Price per token has fallen 70%. AI is getting cheaper, and customers are using more of it. But usage growth isn’t translating into spending growth at the same pace. The bullish case? Anthropic reportedly has an 85% gross margin per token, up from 40% last year, alongside an 11% operating margin. That suggests AI can become a highly profitable business. But the real test is whether those margins survive as prices keep falling and competition intensifies. If AI usage explodes but the price of intelligence keeps collapsing, who captures the value? That’s the question investors need to answer before assigning Anthropic a $2 trillion valuation. 👀 #AI #Anthropic #Claude #OpenAI #ArtificialIntelligence #TechStocks #Investing #AIInfrastructure