Safety
“With non-GAAP earnings metrics lacking a common standard and recurring costs routinely excluded from calculations, investors risk being pre…
“With non-GAAP earnings metrics lacking a common standard and recurring costs routinely excluded from calculations, investors risk being presented with a DISTORTED picture of profitability just as the
“With non-GAAP earnings metrics lacking a common standard and recurring costs routinely excluded from calculations, investors risk being presented with a DISTORTED picture of profitability just as the AI frenzy spread across public markets. The 'AI boom' may be far less profitable than headline growth suggests.” The AI EARNINGS ILLUSION is getting harder to defend: Anthropic reported an -80.7 billion net LOSS in H1 2026, yet its nonstandard adjusted metric showed a +2.7 billion profit. That adjusted figure excludes -72 billion in liability valuation losses, -9 billion in losses on ot…
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Source: Gary Marcus (X) | 2026-10-28