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Jason Moiron
jmoiron.bsky.social
did:plc:elhwlhixtok6gk3q62r6mrcz
Exhibit N.
I've never seen anything that suggests we know, even approximately, what the margins are on cost-per-token inference.
These companies have their own datacenters, so their opex is all sunk and inelastic. Unused capacity is just wasted money, usage that doesn't induce more opex is free.
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2026-04-30T16:03:05.985Z