Its more of a debate on what the business model is IMO. It's entirely reasonable to be a very large and successful commodity trader/producer, or to make mountains of money on low-margin hive volume transactions.

The current pricing of AI revenue growth is based on them delivering strong software like margins with the growth of a commodity producer. This only really works if you have something sticky which customers will pay a premium for - in the cloud business this became security, automation, "data gravity", and migration costs.

Or you know, NVidia could not charge a 98% margin on their cards...