No longer convinced that’s true. Some of the indebted providers might go under but there is nothing preventing someone from just setting up a new provider and serving tokens debt free. GLM or whatever.

That provides continuous downward pressure on token prices even if it isn’t Astra level

Agree model providers can't take much margin, a few percent plus maybe a bit extra from those willing to pay for a "better" model. Upstream is more concentrated: TSMC, NVIDIA, AMD could maybe raise prices and capture more of the value, which would affect open model providers.