And z.ai themselves also have subscriptions.
I’m currently trying to figure out whether a downgrade from Max 5x to Pro in combination with one of those would save me money and if so, how much.
Edit: seems like Anthropic Pro + GLM Pro (Yearly) would let me almost halve my costs of Anthropic Max 5x. Only concerns are about GLM 5.2 not having vision support and also being kinda slower and also not being as good as Opus.
I think it's most fair to compare the plain token pricing that is used by everyone.
As a consumer, yes, it's totally fair. All that matters to me is the price I pay at the pump, not whether that price is "real" or not.
Anthropic have claimed they expect their first profitable quarter this year -- they may have bigger margins on their raw API than you realise.
I'm saying that this is not necessarily the case. They do a lot of optimisation and don't have the same price pressure to lower margins. They may not be losing as much on subscriptions as people think.