There may not be that much demand at a price that yields profit. Demand at current heavily subsidized “the first dose is always free” prices is not a great indicator unless they find some way to make themselves indispensable for a lot of tasks for a lot of people. So far, they haven’t.

Yes if/when prices rise there'll be demand destruction but I think demand will keep rising for the foreseeable future anyway even incorporating that. Lower value use cases like vibe coding hobby apps might fall by the wayside because they become uneconomic but the tokens will be soaked up by bigger enterprises that have found ways to properly integrate it at scale into their businesses. I don't mean Copilot style Office plugins but more business-specific stuff that yields competitive advantage.