It's rumored that Gemini 3.5 flash has a >50% margin, and I'd imagine 3.6 flash is even higher.

I do not think OpenAI or Anthropic are actively chasing margins - though, Anthropic is supposed to be profitable on some form of non-GAAP accounting...

I suspect Google isn't really interested in seeing how far it can get dragged into a race of selling dollars for $0.25, and is more interested to see if it can stay in the race selling $0.50 for a dollar - when everyone else is losing or barely breaking even.