I think people are conflating a semiconductor rally with an underlying successful business, which doesn't really exist. Anthropic's current revenue growth, which is deeply questionable and the fact that they "leaked" profitability - manipulated by Elon Musk, of course - their growth is coming because people cannot measure how much an AI task actually costs. And a couple months ago, Anthpropic actually started charging their enterprise customers the actual token rates. What this has led to is suddenly businesses are saying, "Oh, how much money are we spending?" Uber's COO Andrew McDonald said that they are having trouble justifying the AI spend based on the actual return when one can actually measure it. So you've got a thing where you can't measure the costs and you can't measure the return on investment. What do you call that? You call it a thing without an ROI.
~ Ed Zitron, EZ Primary Research CEO, interview on Bloomberg Businessweek Daily, June 4, 2026
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