Cash produced by the ordinary business after paying its bills, before investment and financing.
经营现金流
| Move变动 | Where it appeared出现位置 | What it means这句话在说什么 |
|---|---|---|
| $6.6bn | The market did not cut Anthropic's valuation. It asked for a price. 经营现金流 · 第 7 张术语卡 | Nine months of operations produced $6.6 billion, against $2.0 billion consumed a year earlier. 利润表可以被会计口径改写，现金流不行。所以读一家高速增长的公司，先看经营现金流是正是负：正是自己养得起一部分自己，负是增长靠外部输血。Anthropic 这一项刚刚转正，是这篇里最容易被忽略的好消息。 |
| $42.3bn | AI's bill is now paid with borrowed money 经营现金流 · 第 3 张术语卡 | Alphabet's was $42.3bn — healthy on its own, but smaller than its capital spending. 它衡量「主业能不能自己养活自己」。如果经营现金流长期低于净利润，通常意味着应收账款在膨胀，或者利润里塞了大量非现金项目。 |
“Nine months of operations produced $6.6 billion, against $2.0 billion consumed a year earlier.”
“Alphabet's was $42.3bn — healthy on its own, but smaller than its capital spending.”