They're losing market share and the growth of active user plateaued. They captured all the normies who learned about llms on TV but these people will never spend a cent as you said.
They're not even on the top 10 most used llms on openrouter anymore: https://openrouter.ai/rankings
At the current pace anthropic will make more money than openai soon: https://epochai.substack.com/p/anthropic-could-surpass-opena...
https://menlovc.com/wp-content/uploads/2025/07/2-llm_api_mar...