That's the ratio the widely published numbers give [1]. One does not have to believe the numbers [2], but those who do believe them are then justified to conclude that there's no moat.

Which numbers you believe is of course going to affect whether you think there's a moat or not. That's largely orthogonal to your TSMC/Samsung analogy I responded to. If you think the "moatists" are wrong because they believe the wrong numbers, that's fine, but then there's no need for the analogy.

[1] https://galileo.ai/blog/llm-model-training-cost

[2] https://medium.com/@theiand/how-can-deepseek-a-5-6-million-l...