Frontier AI + tens of billions in capex was always going to end here

I don't read that as "rattled" so much as leaning into the one thing they clearly have that Anthropic doesn't: massive consumer distribution

I think this is more about deal structure than spin

I'd be pretty cautious comparing those numbers directly

"Not yet profitable" doing a lot of heavy lifting here for an 852B valuation

Your "feature, not a bug" take is exactly right... the slight unpleasantness is what creates empathy

I think a big part of it is that, at some scale, leaders stop lacking access to reality and start lacking incentive to engage with it

This is like a perfect case study in how problems don't get solved, they just get… routed

The fact that showing the actual product in a product meeting triggers panic tells you everything you need to know about how far things have drifted

It does look strange when you compare it directly to a MacBook, but headphones are a weird category