Balance sheets is not an answer. Sorry I am just asking for material proof. It would indeed be pretty shocking for every market participant, large or small, funded or unfunded to be operating inference at a loss.

Plans are definitely subsidized. Inference (token consumption) has never been proven to be operating at a loss and now that you can run many of the large SOTA models from China on sparks or other clustered servers you can figure out some of the math.

Not trying to argue but just saying “balance sheets” makes zero sense.

Yes lots of capex spend, hard to say if anyone has spent too much. At the same time demand is increasing for compute.