infecto parent
No doubt the complete cost of training and to getting where we are today has been significant and I don’t know how the accounting will look years from now but you are just making up the rest based on feelings. We know operationally OpenAI is profitable on purely the runtime side, nobody knows how that will look when accounting for R&D but you have no qualification to say they cannot make a profit in any way.
Except they have to retrain constantly, so why would you not consider the cost of training?
In the medium to long term that R&D matters. In the short term it’s not as important of a metric. I absolutely agree from an underwriting prospective one would ideally be considering those costs but I also think it’s dishonest to simply say they are bleeding money, end of story.
They dont have to retrain constantly and that’s where opinions like yours fall short. I don’t believe anyone has a concrete vision on the economics in the medium to a long term. It’s biased ignorance to hold a strong position in the down or up case.