> On paper, they were in the red, but everyone - especially investors - saw what was going to happen, given their trajectory.

As I recall, no, Wall Street and public shareholders were getting pretty antsy over AMZN earnings, which is why Bezos famously said "We are willing to be misunderstood for long periods of time."

The same thing is playing out today: insiders and early investors (presumably privy to information we don't have) see the trajectory of the frontier AI labs, but Wall Street and public shareholders see only the losses. This is why at every earnings report the hyperscalers simultaneously 1) post record revenues and earnings, 2) announce even greater CapEx spending and AI investments, and hence 3) get punished by the stock market.

Clearly all the AI players are willing to be misunderstood for long periods of time.