The major counterpoint here is commoditization; you may have the market growing and models becoming cheaper at the same time. And we don't even have to look to Chinese models for that, as OpenAI has been adjusting its pricing already. For profitability, Anthropic still seems to be pretty dependent on its current price levels.

That said, I'm also somewhat skeptical that there is even much room for growth left unless somebody finds a new, important, and token-hungry use case.