alt Hacker NewsPlenty of analysis on this point, the inputs are not secret. Check out Semianalysis for example.
They have something like 70% margin on inference.
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fooblaster • today at 3:59 AM
so speculation from a semiconductor website. that's incredibly likely to be wrong
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They had 40% margin on inference in 2025.
https://archive.is/aKFYZ
You can quibble about the exact numbers, but I think it’s fairly clear at this point that inference is profitable with decent margins. Like you say, unit economics are more interesting than the profitability of the company as a whole.