Ed Zitron: How Annualized Run Rates and Hidden Startup Economics Inflate the AI Bubble

Ed Zitron argues that annualized run rates used by OpenAI, Anthropic and AI startups are undefined, non-comparable figures that obscure real quarterly revenue. He cites OpenAI's reported $70 billion ARR later revised to $50 billion, Anthropic's $65 billion run rate, and Harvey's gross margin falling from about 50% to -50% by June, contending that AI startups resell tokens at a loss and that OpenAI and Anthropic growth depends on continued venture funding.