[eldenring]

Its not subsidized, in fact, they probably have very healthy margins on Claude Code.

[elzbardico]

Yeah. If you ignore the negligible fact that some investor may want a return on all that money that is going into capex I am pretty sure you can, Enron style, get to the conclusion that any of those companies have “healthy” margins.

[phi-go]

Why do you think that?

[johndough]

DeepSeek had a theoretical profit margin of 545 % [1] with much inferior GPUs at 1/60th the API price.

Anthropic's Opus 4.6 is a bit bigger, but they'd have to be insanely incompetent to not make a profit on inference.

[1] https://github.com/deepseek-ai/open-infra-index/blob/main/20...

[noosphr]

Because if you don't then current valuations are a bublle propped inflated by burning a mountain of cash.