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The token cost per kWh. Plus the overall lifecycle cost of compute. End users are not picking up the tab yet

Ah, I'd argue that's a symptom of cheap capital. Investors are willing to let the companies operate at losses on vague promises of future rewards

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I don’t think the frontier models are profitable yet.

Yet trillions of tokens are being processed daily.

At what economy of scale does this become profitable?

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it doesn't need to be if the government can print money and bail you out.

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