AI revenue going to $200B by 2028... are we just making numbers up now?

Apparently one of the big frontier AI labs is talking about something like $200B in 2028 revenue after being around a $47B run rate earlier this year.

I get the bull case. Every company wants this stuff, adoption is going nuts, etc. But 4x in two years is a huge jump, especially when models keep getting cheaper and the competition is everywhere.

The part I can't get past is margins. Who actually keeps the money? The model company, the cloud provider, or the chip guys? If the price per token keeps falling, revenue can go up while economics get worse.

If this were public tomorrow, would you value it off revenue growth, gross margin, FCF, or just assume the numbers are too speculative to touch? Genuine question.