I doubt that, I got downvoted several times pointing out inferencing is insanely profitable.

Even take account of R&D cost it is still profitable, because you do not actual retrain the base model every month, only distill and post train from the same foundation.

heck, I think even including the giant cost of the top tier researcher salaries, they are still profitable.

then, how are they still losing money? just read what they are actually spend the most budget: always the hardware. those companies will never profitable, because they will never stop spending money to expand their computational prowess.