I don't agree that the code is cheap. It doesn't require a pipeline of people to be trained and that is huge, but it's not cheap.
Tokens are expensive. We don't know what the actual cost is yet. We have startups, who aren't turning a profit, buying up all the capacity of the supply chain. There are so many impacts here that we don't have the data on.
> We don't know what the actual cost is yet.
We kind of do? Local models (thought no state of the art) set a floor on this.
Even if prices are subsidized now (they are) that doesn't mean they will be more expensive later. e.g. if there's some bubble deflation then hardware, electricity, and talent could all get cheaper.
Writing code is cheaper than ever. Maintaining it is exactly the same as ever and it scales with the LOC.
Code is still liability but it's undeniable that going from thought to running code is very cheap today.