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You can look at open source models hosted by various companies that have no reason to host them on a loss.

Uber ran their ridesharing at a loss for years. This is a very common way to gain market share.

Uber had massive VC investment and a moat. The companies he's referring to likely don't have much VC investment and zero moat.

What market share? We are talking commodity models where the host does not matter at all at OpenRouter etc.