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It would mean that inference is not profitable. Calculating inference costs show it's profitable, or close to.

Inference costs have in fact been crashing, going from astronomical to... lower.

That said, I am not sure that this indicator alone tells the whole story, if not hides it - sort of like EBITDA.

I think there will still be cheap inference, what will rise in costs will be frontier model subscriptions. This is the thing that is not profitable.