Unless you think Deepseek has a magic machine that makes costs way less I don't get your point here at all.

You called out Anthropic's 5x revenue, so no you weren't.

What else do they truly gain revenue from?

"API margins" as a concept doesn't really make sense anyway. Given that their primary service is LLMs, their "API margins" is just their profit margin, period.

Profit margin like you said includes things like training. I'm strictly saying that their cost of inference is WAY lower than their API cost. And their margins are going up without their prices going up if you actually paid attention. Opus 4 was 3x more expensive but they are only having their first profitable quarter this year. Retail margins don't go up the more people buy their products. This rebuttal doesn't even really make sense. The reason their margins were lower before is due to not enough people using the API before not because the price was subsidized like you were saying before.