billion a year depreciation. And so that's kind of the cost per year, but then they're making 1.25 billion a month on Colossus. And then Anthropic is showing in this S1 pretty remarkably to Sax's point that they're making about 85% incremental gross margin on every incremental dollar coming in. It's obviously a baseline of compute spend, but 85% is kind of the incremental gross margin. So at the end of the day, a dollar that Nvidia spends turns into $18 that Anthropic is making
So at the end of the day, a dollar that Nvidia spends turns into $18 that Anthropic is making