It is widely agreed users are not paying enough to cover the costs of inference. This is what "subscription" plans are. So, many users are losing the companies money.

This is not discussed publicly and is covered up for by raises, because there is growth and the hope that at some point the economics could work out. Which remains to be seen.

It's a variant on a Ponzi scheme. Investor hope is that at some point someone invents a way to stop losing money.

If at any point investors start to lose faith that this is going to be the case, the bubble pops.

If companies start to raise the token prices, at some point it won't be affordable to people. I think that no matter what they do they will just keep losing money. If they raise prices, less people will be buying the paid plans and if they don't, they are still losing money like now

What percentage of Anthropic’s and OpenAI’s revenue is subscriptions?