I’ve never heard anyone say raw inference was unprofitable. It wouldn’t even make sense, I can’t see a rug pull for renting out commodity GPUs.

People are saying _training + inference_ is unprofitable (I don’t have a dog in the race and don’t really care either way). That’s a lot of GPUs and salaries that aren’t generating revenue at any moment.

Personally, I would guess Anthropic and OAI are profitable. I just suspect that they’re a pretty normal level of profitable and not the absurd, near-alchemical “can turn dirt into gold” level of profitable their valuation seems to have priced in.