Am I Meant To Be Impressed?

A detailed financial analysis arguing that Big Tech's AI revenues are embarrassingly small relative to their massive capex spend. Microsoft's $37B AI run rate is ~71% dependent on OpenAI, and Amazon's $15B run rate is ~80% dependent on Anthropic — both of which are deeply unprofitable companies sustained only by continuous venture capital infusions. Google refuses to disclose AI revenues but is similarly propped up by Anthropic's compute spend. The piece exposes circular financing arrangements where cloud providers invest in AI startups that then spend that money back on cloud services, creating the illusion of real demand. Anthropic's revenue figures are also questioned, with analysis suggesting its ARR calculations may be manipulated through favorable billing practices. The author concludes that the entire AI industry's revenue and compute demand is dependent on whether OpenAI and Anthropic can keep raising money.