[pqtyw]

But there is no indication they are losing money on tokens when R&D and other expenses are factored out? The margins on API are likely very high so the higher the volume the more likely they will be able to cover the other mostly fixed costs.

[bambax]

Maybe. We'll see.

Also, what are they calling "R&D" exactly? If it is training new models, which needs to be done almost constantly and means spending billions on energy and newer GPUs, then it's not really R&D, but rather operating costs.