I think that implies they're seeing unusual new subscription demand, yes? That's how I'd read it, not least because I worked through four resets this week on Astra, which is un unbelievable amount more inference than I've wanted from openAI really ever, and the highest ratio vs. claude since opus 4 at the very least, probably farther back.

I think there are few moats in the engineering use case, and a single new model can absolutely drive compute demand.

High demand is great, but it doesn't say anything about your margins. If anything, it is probably a weak negative signal that they are pausing signups but not raising prices. In most markets, the answer to excess demand is to raise prices. If you can't meet demand and you can't raise prices, you're a sitting duck waiting to get your lunch eaten by somebody who can absorb that demand. And this is not the kind of market where people will just wait patiently for a differentiated product to be come available.