Only a moron would think OpenAI was ever turning profitable.

There were two possible ways,

1. Subscription prices rose to a point no one would be interested to pay.

2. Inference got so cheap, that 98% of all use cases could be run by open weight models on local machines

In both situations OpenAi and Anthropic lost.

The bull case has been a bear case since the beginning. Both companies will most likely stay alive, but will eventually have their costs turned down as they're going to be bought out by some of the mastodonts.

The best possible scenario for either of them, is if a government want a frontier lab and decides to buy one already functioning. Rather than having their universities start from scratch

Something that has a fixed up front cost to run*

Otherwise, YES!