The big AI companies like OpenAI and Anthropic may have rushed into it too fast, and in effect wasted a lot of money on early model generations that never paid for themselves, early model architectures that were not cost-efficient, experiments that never panned out, etc.

The AI pure-play companies like OpenAI and Anthropic are presumably in worst financial position, since others like Google, Microsoft, Amazon and Meta (also Alibaba, Baidu, Bytedance, Tencent, Xiaomi) have generally been more conservative and are treating AI as an incremental revenue source not a highly leveraged all-in bet.