Even if you generously depreciate the GPU and other hardware, it’s hard to believe inference at scale in April 2026 isn’t highly profitable.
I think you meant dollars of electricity.
https://www.theregister.com/2024/03/18/nvidia_turns_up_the_a...
A Blackwell 8X node consumes about 15kw, let’s up that to 50kw to generously account for cooling and everything else.
A US kWh is something like $0.20, so running that node for an hour costs ~$10.
Nvidia got 30,000 parallel TPS out of DeepSeek-R1 on that node:
https://developer.nvidia.com/blog/nvidia-blackwell-delivers-...
So that $10 buys you over 100M tokens or … pennies per million.
I’m sure these numbers are off, but not by an aggregate two orders of magnitude.
I think you meant dollars of electricity.