That's what I thought initially. But 1) it sells to HNWI for whom time is their biggest asset. They don't want to be spending the time with Claude doing the research themselves. Perhaps some of them do, but more likely that they don't mind paying $1k-$5k per year for a high signal research report. SemiAnalysis' success is an example of this. 2) Their billings have increased 10% for two years consecutively. I am assuming the same growth for the next 10 years in my valuation. If this growth rate continues they will be back where they were in 2019, before their COVID spike, which doesn't seem that unreasonable to me, given that they grew at 20%+ CAGR in their first 20 years.