"Anthropic's losing $5 billion a year, and they say they're worth $2 trillion."

Jason's point: AI runs on public roads, the power grid, and water, and pays no tax for any of it. It's free right now, so nobody's complaining. When these companies go public and prices change, that ends. His bank test: lose $5 a year on $100, ask for a $20K loan, and the bank says no.

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