> Is it fair when the one is heavily subsidized

As a consumer, yes, it's totally fair. All that matters to me is the price I pay at the pump, not whether that price is "real" or not.

Z.ai is also believed to be "subsidised". Its parent company is running at a large loss right now.

Anthropic have claimed they expect their first profitable quarter this year -- they may have bigger margins on their raw API than you realise.