alt Hacker NewsI don’t think there’s a real answer for this. Margin depends on whatever number the accounting department wants to make up.
Do you include research and training costs? Of all models or only the ones being served? What percent of the R&D budget do you allocate to inference? What about data center capacity? Do you count future commitments? All the circular financing deals? Do you count employee equity grants as costs? At what valuation?
We have a simple definition for this: COGS.
We also have another solution for "whatever accounting decides": generally accepted accounting practices. It's far from perfect, but GAAP figures are what you should be looking at; not "adjusted GAAP" or whatever invention.