Who says it's MS subsidizing those prices and not Anthropic themselves? Just because someone rehosts a model doesn't imply they get to set whatever price levels they want.

I don't think otherwise, I just think it's meaningless to differentiate between training and inference. What the frontier labs sell is inference. They can't just exclude costs required to engage in that business unless they plan a pivot to just serving Chinese models in a commodified market.

Yes, tokens for random no-name firms serving Kimi K2 probably do make money, although even there it's unclear because so many datacenters and GPU purchases have been made on credit etc. And if we assume that's sustainable forever then you can assume training/staffing costs should be subsidized to zero and say sure, token serving is profitable in that situation. But we were discussing the top labs.