They're all looking for outside money because they're all looking for outside money, and so need to keep up with their competitors investments in training. It's a game of chicken. Once their ability to raise more abates, they'll slow down new training runs, and fund that out of inference margins instead, but the first one to be forced to do so will risk losing market share.

Inference is profitable. No one is selling at a loss. It’s training to keep up with competitors that is causing losses.