> We can assume they are doing so at a profit

This is false. We may assume it's the most efficient way of generating revenue given their GPUs, but their overall profitability will just be a guess. They would still have incentives to run hardware at maximum, even when it's uncertain to eventually recoup costs.

> a world where those API prices aren't profitable

A lab with employees and models in training has other costs than the operating expenses of a GPU farm.