[sunir]

You have to include the carrying cost per customer as well which is mostly labour. Most of SaaS undercounts the payroll attached to a subscription which is why it is so hard to get to positive net margins and maintain lifetime value.

I am sceptical an LLM foundation model company can get away with low human services either directly on its own payroll or by giving up margin to a channel of implementation partners. Thats because the go to market requires organizational change on the customer sites. That is a lot of human surface area.