> The frontier labs have fantastic margin on inference.

Source?

The OpenAi filing will be very interesting indeed.

("trust me bro" statements from sama et al does not count, since I don't trust them)

Edit:

The best argument I have seen look at the price of inference from smaller companies running open models. And assuming they are profitable-ish. Their prices are lower than the OpenAi and Anthropics best models, so maybe they do make money on inference (ignoring all other costs)