> A huge number of people are convinced that OpenAI and Anthropic are selling inference tokens at a loss despite the fact that there's no evidence this is true and a lot of evidence that it isn't.

I think it’s fairly obvious that Anthropic is lighting cash on fire and focusing on whether or not they’re losing money per token on inference is missing the forest for the trees.

Tokens become less valuable when the models aren’t continuously trained and we have zero idea what Anthropic is paying for training.