[howmayiannoyyou]

You're missing costs.

- Amortized training costs.

- SG&A.

- Capex depreciation.

All the above impact profitability over various time horizons and have to rolled into present and projected P&L and cash flow analysis.

[ACCount37]

We have amortized training cost estimates. Inference to training compute over model lifetime is 10:1 or over for major models at major providers.

In part due to base model reuse and all the tricks like distillation. But mainly, due to how much inference the big providers happen to sell.

So, not the massive economic loss you'd need to push models away from being profitable. Capex and R&D take the cake there.