alt Hacker News> My impression is that individual subscriptions are the loss leading hook
Except there is no evidence of this at all, just people comparing API and subscription pricing. The leaked financial info for OpenAI shows inference is profitable right now, though it does not show a distinction between subscription and API revenue... but if subscription revenue was so lossy, it would hard for total inference to still be profitable.
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I did clearly say "my impression is". And you have no evidence to the contrary. We don't even reliably in w how many subscribers Vs enterprise customers they have. And the OpenAI leak doesn't even cleanly say that inference is profitable from what I can tell... The better evidence that it probably is are the prices charged by open weight model providers.
Anthropic has indicated in the past that API gross margins are ~60%. This might have improved since then, though competition from OAI puts a ceiling on that.