https://minutesof.com/on/profitability/ Everyone on the record about profitability: 31 verbatim quotes from 5 people, October 2010 to August 2026, in one chronology, each with a timestamp and a… en Sun, 30 Aug 2026 22:33:10 +0000 https://minutesof.com/q/fefa3320-9068-4e30-84da-c70370affef0/ https://minutesof.com/q/fefa3320-9068-4e30-84da-c70370affef0/ “Go download the Kimi weights. Go download VLM or SGLANG. Set it up. You know, Codecs and Fable can actually help you do this.” — Dylan Patel, Dwarkesh Patel Tue, 25 Aug 2026 15:57:53 +0000 profitability https://minutesof.com/q/329bb607-c0c2-4874-a82a-205066d9fb0f/ https://minutesof.com/q/329bb607-c0c2-4874-a82a-205066d9fb0f/ “On Amazon's most recent earnings call, they talked about how AWS had a strong gross margin beat. Right? They won on gross margin because Bedrock was so profitable.” — Dylan Patel, RAISE Summit Thu, 16 Jul 2026 16:44:57 +0000 profitability https://minutesof.com/q/40fc6c3a-2654-41e7-8243-0b0ea3467c2a/ https://minutesof.com/q/40fc6c3a-2654-41e7-8243-0b0ea3467c2a/ “Now, total company gross margin is closer to 55%, and if you strip away the free users, they're at about 65%.” — Dylan Patel, RAISE Summit Thu, 16 Jul 2026 16:44:57 +0000 profitability https://minutesof.com/q/3c00342d-5375-4871-94ff-17839b2860bd/ https://minutesof.com/q/3c00342d-5375-4871-94ff-17839b2860bd/ “Anthropic turned their first gross profit in Q2 in June. And then in Q3, they will be turning a billion dollars of operating profit, slightly over.” — Dylan Patel, RAISE Summit Thu, 16 Jul 2026 16:44:57 +0000 profitability https://minutesof.com/q/ab25a556-53cd-4e2e-ba7e-2336d5d78b64/ https://minutesof.com/q/ab25a556-53cd-4e2e-ba7e-2336d5d78b64/ “So Anthropic turned their first gross profit in Q2 in June. And then in Q3, they will be turning a billion dollars of operating profit, slightly over.” — Dylan Patel, RAISE Summit Thu, 16 Jul 2026 16:44:57 +0000 profitability https://minutesof.com/q/08ae2b50-adb5-46c6-899b-957a2d8ee1bf/ https://minutesof.com/q/08ae2b50-adb5-46c6-899b-957a2d8ee1bf/ “Anthropic is free cash flow positive, and they are profitable in q two. Even in April. In April, they closed April's books. They were profitable.” — Dylan Patel, WisdomTree in Europe Thu, 09 Jul 2026 06:16:39 +0000 profitability https://minutesof.com/q/08d73c3f-320f-4d28-8b21-9083da9b5bf0/ https://minutesof.com/q/08d73c3f-320f-4d28-8b21-9083da9b5bf0/ “That's how profitable they're getting, and their margins on an Opus token, at least Opus 4.8 token, is north of 80 for the API price.” — Dylan Patel, Sequoia Capital Tue, 30 Jun 2026 12:00:25 +0000 profitability https://minutesof.com/q/7f1b8019-87b9-4143-aabf-b8e158bf4a47/ https://minutesof.com/q/7f1b8019-87b9-4143-aabf-b8e158bf4a47/ “And I think by Q3 they may even be profitable, including stock based compensation. That's how profitable they're getting, and their margins on an Opus token, at least Opus 4.8 token, is north of 80” — Dylan Patel, Sequoia Capital Tue, 30 Jun 2026 12:00:25 +0000 profitability https://minutesof.com/q/db45dba5-ecdb-452c-8fae-3210d613d134/ https://minutesof.com/q/db45dba5-ecdb-452c-8fae-3210d613d134/ “Anthropic in Q2 is profitable, their net income profitable, excluding stock based compensation. And I think by Q3 they may even be profitable, including stock based compensation.” — Dylan Patel, Sequoia Capital Tue, 30 Jun 2026 12:00:25 +0000 profitability https://minutesof.com/q/d6ea2caa-3f0e-4db8-9d73-5fe4e842e28f/ https://minutesof.com/q/d6ea2caa-3f0e-4db8-9d73-5fe4e842e28f/ “I've never heard anybody tell me exactly what AI will be able to do or when or for whom or how much profit it'll produce and for whom.” — Howard Marks, Prof G Markets Fri, 12 Jun 2026 11:00:07 +0000 profitability https://minutesof.com/q/ec5a9c7e-99d9-4536-8535-fbba88740844/ https://minutesof.com/q/ec5a9c7e-99d9-4536-8535-fbba88740844/ “I think Anthropic probably starts generating cash this year if they are not already generating cash, which I think is probably the case.” — Gavin Baker, Invest Like the Best Wed, 20 May 2026 08:00:00 +0000 profitability https://minutesof.com/q/525c0fcc-5beb-466a-8ae5-ff2eccd45edf/ https://minutesof.com/q/525c0fcc-5beb-466a-8ae5-ff2eccd45edf/ “Their incremental profitability is enormous. When your product is virtual and you're selling one, you're making some money, you want to sell two, there's almost no cost in the second one.” — Howard Marks, Pepperdine University Mon, 02 Mar 2026 19:34:48 +0000 profitability https://minutesof.com/q/45757099-7e4d-47d4-8b48-eb34bc6ce2c0/ https://minutesof.com/q/45757099-7e4d-47d4-8b48-eb34bc6ce2c0/ “If different companies are competing to provide the AI service, maybe they'll compete on price to the point where it's not profitable for them.” — Howard Marks, The Investor’s Podcast Sat, 21 Feb 2026 22:45:03 +0000 profitability https://minutesof.com/q/538f76b7-6853-4262-9a53-f082056d956f/ https://minutesof.com/q/538f76b7-6853-4262-9a53-f082056d956f/ “To whom will the savings accrue? If different companies are competing to provide the AI service, maybe they'll compete on price to the point where it's not profitable for them.” — Howard Marks, The Investor’s Podcast Sat, 21 Feb 2026 22:45:03 +0000 profitability https://minutesof.com/q/b8de4185-9587-4979-b30a-f431f5f7446d/ https://minutesof.com/q/b8de4185-9587-4979-b30a-f431f5f7446d/ “You say that AI has the ability to eliminate half of entry level jobs. That was the whole conversation because then they cut to something else. But the point is that may be true.” — Howard Marks, The Investor’s Podcast Sat, 21 Feb 2026 22:45:03 +0000 profitability https://minutesof.com/q/cd961138-5866-45b5-86d4-56a7a6f2b929/ https://minutesof.com/q/cd961138-5866-45b5-86d4-56a7a6f2b929/ “There's no doubt that the internet will produce a great increase in productivity. It's not clear that it'll have a positive impact on profitability. And I think the same is true of AI.” — Howard Marks, The Investor’s Podcast Sat, 21 Feb 2026 22:45:03 +0000 profitability https://minutesof.com/q/0de0a86e-9b0d-4009-b8a5-435a5803d499/ https://minutesof.com/q/0de0a86e-9b0d-4009-b8a5-435a5803d499/ “There's no doubt that the internet will produce a great increase in productivity. It's not clear that it'll have a positive impact on profitability.” — Howard Marks, The Investor’s Podcast Sat, 21 Feb 2026 22:45:03 +0000 profitability https://minutesof.com/q/e91960f1-e867-4261-b7d8-8800785e0242/ https://minutesof.com/q/e91960f1-e867-4261-b7d8-8800785e0242/ “if you can produce The US GDP and eliminate half the entry level jobs, it could be more profitable or certainly more productive. But the question is, will it be more profitable?” — Howard Marks, The Investor’s Podcast Sat, 13 Dec 2025 22:45:06 +0000 profitability https://minutesof.com/q/4e58de77-4f33-48b0-a42b-9f893f49347a/ https://minutesof.com/q/4e58de77-4f33-48b0-a42b-9f893f49347a/ “There's no doubt that the Internet will produce a great increase in productivity. It's not clear that it'll have a positive impact on profitability. And I think the same is true of AI.” — Howard Marks, The Investor’s Podcast Sat, 13 Dec 2025 22:45:06 +0000 profitability https://minutesof.com/q/84da5d17-180b-411f-aac0-520cd84480d9/ https://minutesof.com/q/84da5d17-180b-411f-aac0-520cd84480d9/ “And this has enabled, you know, the top in the industry companies to have gross margins of 35, 40%. And now there's a ton of Neo Clouds that are losing money.” — Dylan Patel, Clockwork Fri, 21 Nov 2025 17:18:51 +0000 profitability https://minutesof.com/q/1fe9bd9a-dbc8-4271-af01-69814b89c715/ https://minutesof.com/q/1fe9bd9a-dbc8-4271-af01-69814b89c715/ “People talk about the military industrial complex. We may have created a health care industrial complex that really can't stop maximizing profitability and not focus necessarily on the lowest cost, best, most preventative process.” — Bill Gurley, Bg2 Pod Mon, 06 Jan 2025 21:47:42 +0000 profitability https://minutesof.com/q/78d9ba48-a347-4595-947f-3587a41b2120/ https://minutesof.com/q/78d9ba48-a347-4595-947f-3587a41b2120/ “The company went from losing over 2,500,000,000 or around 2,500,000,000 when Dara took over to profiting over 3,500,000,000, and we're talking free cash flow.” — Brad Gerstner, This Week in Startups Fri, 12 Jan 2024 05:28:40 +0000 profitability https://minutesof.com/q/6f98baf1-d4b7-4035-b081-e35ab6b430e5/ https://minutesof.com/q/6f98baf1-d4b7-4035-b081-e35ab6b430e5/ “The company had only raised $40,000,000. Hence, we had created $60,000,000 in free cash flow, something that's extremely rare in Silicon Valley these days.” — Bill Gurley, Bloomberg Television Fri, 17 Nov 2017 19:47:21 +0000 profitability https://minutesof.com/q/f0586c87-635a-4d3c-941c-7c0c172b5353/ https://minutesof.com/q/f0586c87-635a-4d3c-941c-7c0c172b5353/ “So we're at a billion dollar run rate. We've been profitable for many quarters. In fact, when the company came public, it is over a $100,000,000 of cash on the balance sheet.” — Bill Gurley, Bloomberg Television Fri, 17 Nov 2017 19:47:21 +0000 profitability https://minutesof.com/q/6007088b-343f-446a-9f59-48c35a45a985/ https://minutesof.com/q/6007088b-343f-446a-9f59-48c35a45a985/ “And that this this silly notion of we're gonna stay private forever is not playing out in a very positive way.” — Bill Gurley, CNBC Fri, 17 Nov 2017 18:49:28 +0000 profitability https://minutesof.com/q/e5a7c5ef-b498-4104-9e7c-23eb3bf7217c/ https://minutesof.com/q/e5a7c5ef-b498-4104-9e7c-23eb3bf7217c/ “I do think we are also watching, however, as many of the unicorns mature in age, that many of them are having to come to the recognition that they either need to grow up, get profitable, go public, or do something along those lines.” — Bill Gurley, CNBC Fri, 17 Nov 2017 18:49:28 +0000 profitability https://minutesof.com/q/896cc543-641d-4a61-81fa-1b3a753b232d/ https://minutesof.com/q/896cc543-641d-4a61-81fa-1b3a753b232d/ “I think you're gonna see a large number of unicorns who were afraid to play on Sunday, afraid to be in the public markets, that didn't get their act together in time, didn't get profitable, didn't understand unit economics, and and hurt the value of the equity as a result.” — Bill Gurley, CNBC Fri, 17 Nov 2017 18:49:28 +0000 profitability https://minutesof.com/q/cf45415c-ad9f-46ca-b0f3-604998510ba9/ https://minutesof.com/q/cf45415c-ad9f-46ca-b0f3-604998510ba9/ “The reason that you never heard of them as a unicorn was because they never raised money above 1,000,000,000 because they didn't really do raise money.” — Bill Gurley, CNBC Fri, 17 Nov 2017 18:49:28 +0000 profitability https://minutesof.com/q/4ea319ae-64d7-4faf-9329-e533ed80c0ba/ https://minutesof.com/q/4ea319ae-64d7-4faf-9329-e533ed80c0ba/ “They've been profitable for several years. The reason that you never heard of them as a unicorn was because they never raised money above 1,000,000,000 because they didn't really do raise money.” — Bill Gurley, CNBC Fri, 17 Nov 2017 18:49:28 +0000 profitability https://minutesof.com/q/dcc1a6e3-0994-48ef-bde7-6682e16d557d/ https://minutesof.com/q/dcc1a6e3-0994-48ef-bde7-6682e16d557d/ “One of the unique things about Stitch Fix relative to all of the unicorns out in Silicon Valley is that they've run very disciplined and profitable approach. They've been profitable for several years.” — Bill Gurley, CNBC Fri, 17 Nov 2017 18:49:28 +0000 profitability https://minutesof.com/q/d7cdd27a-f66f-40d3-a5e0-1c46fe40126b/ https://minutesof.com/q/d7cdd27a-f66f-40d3-a5e0-1c46fe40126b/ “I think of the 25 or 30 this year, three were not profitable at the time of going out.” — Bill Gurley, TechCrunch Fri, 01 Oct 2010 23:16:15 +0000 profitability