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The data is there, but it’s not in what those companies say. It’s in the books of the companies they have relationships with.
I do agree with your second statement though.
You can’t argue from the premise of conspiracy. Are they exaggerating? Maybe? But you absolutely cannot state with confidence that you know a huge secret hidden from all Wall Street analysts.
$20B loss on $50B revenue are the numbers that Wall Street thinks is correct. That’s the data you have to go off of without unsupported conspiracies.