Anthropic's annualized $65B run rate is noise. [Goldman's analysis](https://www.cnbc.com/2026/08/17/these-stocks-will-benefit-most-from-ai-productivity-gains-per-goldman.html) explicitly noted that AI productivity gains "are not here yet"—and Anthropic's financials scream why. Explosive topline growth in a service business with commodity pricing power doesn't mean earnings. GOOGL sitting on a 76.1% net margin with $174.8B NI on $229.7B revenue is the real productivity win.