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1500 tokens/s is 5.4 million per hour. According to the document it costs $1.20 x 5.4 = $6.48 per hour.

Which is not enough to even pay the interest on one $3m chip.

What am I missing here ?

Indeed, and even if the cost per wafer was 300K, since about say 20-50 wafers are needed, its still 6MM to 15MM for the system. So likely it would appear this is VC subsidized.

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