> $20B ARR or so reported added in Q1 doesn’t sound particularly bad

Unless you compare with the reported cash burn or projected losses.

> they’ll raise effective prices some more while Claude diffuses into the economy, sounds like a money printer

But the problem is, they have no moat. Even if Claude diffuses into the economy (still to be seen how much it can effectively penetrate sectors other than engineering, spam, marketing/communications), there is no moat, all providers are interchangeable. If Antrhopic raise the prices too much, switch out to the OpenAI equivalent products.