Comment by pbmonster

I assume the "briefly gets worse" is when a buch of hyperscalers do a complete write-off of their entire AI investments, bankrupting several of them (which, in turn, bankrupts several large banks and most current venture capital firms)?

Cumulative AI capex will hit $2T this year. Cumulative opex is on the same order. Unless the models get real good (as in: can fully replace many engineers) right quick, nobody is even going to see interest getting paid on those investments. The only alternative is model access costing 5 figures per (replaced) seat.

But yes, once GPU racks can be had at auction for pennies on the dollar, inference of open source models might be an... OK low margin commodity business.