> How do you know Gemini is losing money on inference?

It's not. People make this claim with zero evidence.

But Google made around $20B profit on Google search in 2025 Q4, and that includes AI search.

They're talking about free inference like Android and Google Home devices. No one is paying subscription fees for these and they're running their inference in the cloud. Apple Intelligence, for the most part, is running on the device.

Is there any evidence of any company making money in inference?