$ANT Anthropic’s margins are going to get worse based on the amended S-1 released today. The Q3 operating loss which wasn't in the original release comes from expensive short term compute and a donation matching program. To keep growing fast they need to pay extra to keep up with demand. They are paying more to get compute while tokens get cheaper. If we assume demand is unlimited they and many AI related companies are still limited by power, data centers, chips and memory. But they have billions in commitments they need to pay. These fixed payments mean they need to keep growing, and to grow they need all this compute. Even if we ignore the AI bubble talk I am struggling to see how they can even meet all this demand.