SemiAnalysis rolled out EBTIT, Earnings Before Tax, Interest, and Training, which gets Anthropic to a 36% margin by redacting the training run like a CIA document. EBE just blacks out the whole page: compute, payroll, the copyright lawsuits, gone. Revenue and earnings become the same number, so the margin lands at a clean 100%, the same instinct WeWork brought to Community Adjusted EBITDA right before the whole thing imploded. On that basis, the S&P 500 as a whole trades at a cheap 3-4x EBE.
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