A good chunk of people in the market seem to interpret Anthropic's lower-than-expected ARR as a signal of slowing demand, claiming Anthropic's models are falling behind. So where did that demand go? Open source? Nope. It went to OpenAI. Didn't everyone notice that when Astra launched, people canceled their Claude subscriptions en masse and switched to Codex? The expectations were just too high. Overall demand hasn’t changed. You’ve got to look at the combined ARR of OAI and Anthropic, not just one company in isolation. This whole deal was never really about how much OpenAI or Anthropic made, right? It’s about how much these two companies spent and evaluating who benefited from those expenditures, isn’t it?