That's what they want you to think. This chart is especially egregious with calling it "cost of revenue" as if the other costs weren't just as necessary for their revenue. If they stop R&D in 2027, they won't have any revenue by 2028 because their models will be outdated and nobody will want to use them. R&D is simply cost of doing business.

I'm noticing the way that last year's expenses get covered by this year's revenue. Maybe they'll try for some deal around that, and expect the bubble to last forever?