I doubt it will change much, inference (not training) is very profitable and demand for inference is quite high. See: Mistral serving GLM on their own servers.
That is a very commodify market and as such I expect power cost per query ends up setting the pricing.
Would it ever? Demand for inference (and I suppose the same applies for training) _increases_ when models get cheaper.
I suppose real risk is that one player aggressively cuts margins (say, AWS) and others follow suite. However the release of increasingly more capable, exclusive closed-weight models prevents this to an extent.