> So in that way, the Deepseek models are heavily subsidized as well, with the possibility of them being served by a different company that paid nothing to develop them.

Has anyone seen the neo-cloud profit margin on deepseek? I wonder if the deepseek served API prices account for the training cost? Because they don't / have not raised the money to fund their future operation / training- and they depend on that cashflow for now? That would suggest a really high profit margin on inference only.