Ed Zittrain

but a lack of actual data center capacity coming online.

We are yet to get to the real monstrosity that this has created.

And when it pops, it's going to be very bad for everyone involved.

So let's start with that statement about being early.

We're not.

Early, if we do it by time, it's been four years.

Yeah, coming up on four years since ChatGPT came out.

And if you think about what constitutes early, early, it really is investment and innovation.

We have had all the king's horses, all the king's men trying to make generative AI into something that generates profit.

Hasn't happened yet.

No one has happened it to.

I also have serious questions about how Anthropic is doing revenue.

Krishna Rao, their CFO in the Department of War lawsuit, actually said in an affidavit on March 9th, 2026, that they had made $5 billion in lifetime revenue.

That does not match up with any of the reported previous annual recurring revenue, ARR, run rate, or whatever they use, numbers.

It just doesn't.

When you add those all together, it's six or seven billion dollars, maybe more.

I think Anthropic is counting revenue in a way that is different.

fundamentally different to how most companies count it.

My theory is that when, so with the largest clients they have, clients don't pay in arrears.

Smaller ones do, but the largest don't.