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Applied AI·September 14, 2026·1 min read

The very big caveat to the report that Anthropic is profitable for a second straight quarter

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Profitability headlines for frontier labs with major caveats highlight how dependent these businesses still are on accounting treatment, prepayments, and cloud barter — not just unit economics. When you evaluate model vendors, push past topline profitability claims and ask about gross margin by product, infra commitments, and how long current pricing is underwritten.