> I’d like somebody to explain to me how the endless comments of "bleeding edge labs are subsidizing the inference at an insane rate" make sense in light of a humongous model like v4 pro being $4 per 1M. I’d bet even the subscriptions are profitable, much less the API prices.

One answer - Chinese Communist Party. They are being subsidized by the state.

When China does it it's communism. When companies in the west get massive tax cuts, rebates, incentives and subsidies, that's just supporting the captains of industry.