[bob1029]

> If Anthropic's compute is fully saturated then the Claude code power users do represent an opportunity cost to Anthropic much closer to $5,000 then $500.

I think it's the other way around? Sparse use of GPU farms should be the more expensive thing. Full saturation means that we can exploit batching effects throughout.

[eaglelamp]

If they have spare capacity then there is no opportunity cost to selling $100 subscriptions for exactly that reason. If they don’t have spare capacity then, at the margin, they could replace a subscription user with API calls that make them $5000: that’s opportunity cost.

If you own equity in Anthropic you should care about that cost. Maybe you are willing to tolerate it to win market share, but for you to make the most profit you need that cost to shrink.