It's the lack of visibility that causes the judgement; Were the numbers good, it's quite unlikely that Anthropic would be so reluctant to share them.

Were it just Anthropic doing this, it's not much evidence. But it's EVERYONE that obfuscates their numbers, even the publicly traded companies.

Why would Amazon and Microsoft obfuscate the revenues and costs of their AI products? Even their cloud numbers are less clear than desired. And beyond those two, why would the datacenter companies obfuscate their numbers, when everyone desperately needs them to raise debt and investment to build more DCs?

Pretty much the only company showing clear numbers is Nvidia & GPU orders. But immediately beyond that, it's all obfuscated. How many GPUs are sitting in datacenters? They ain't telling.