nVidia earning is way above zero by a healthy margin. This was also true 4 years ago. How much their shares should cost is debatable but still, nVidia is obviously a profitable business.

Anthropic net loss in 2025 was $42 bln, OpenAI $38.5 bln. Both are spending enormous amounts with no obvious path to profitability.

The market can remain irrational far longer than you can stay solvent.