If you look at what it costs to serve Kimi K3, the exact opposite of what you claimed is the case.

It seems likely that Anthropic and OpenAI's inference margins on API prices are >95%.

That also casts doubt on the parent's claim that subscriptions are subsidized. It rather seems almost certain that they are overall generating profit.

Exactly, like it has done in cycle after cycle in the past. It would be very naive to assume that once you have a moat it will stay that way with a thing like this.