They have investors that paid for training of these models too. It could be argued that R&D for the next generation is a separate issue, but they need to provide a return on the R&D in this generation to stay in business.
The return of R&D can just be an inflated valuation, there's no immediate need to make actual money.
The return of R&D can just be an inflated valuation, there's no immediate need to make actual money.