Deepseek claim they are earning 38 dollars per GPU hour on inference. If you compare Deepseek Flash's off-peak pricing with Sonnet at API rates, Deepseek is 16x cheaper per 1M output tokens, and 13x to 33x cheaper for input, depending on whether or not it's a cache hit. Inference is very profitable.
A Claude/OpenAI sub is still cheaper than DeepSeek API pricing though. Also, I suspect Claude and OpenAI models to be way larger (probably in the 2-3T range) than that of Deep Seek.
Again, if you ignore training.
That is like saying selling hamburgers is profitable if you exclude the cost of beef.
There are moments where I have a 2 hour , 4 instances in separate Kitty/Ghost windows , Opus 5.5 hammering away on each - and only see a 1% increase on my Max x20. Then there are other days where 10 minutes of a single xH Opus doing 1/10th of the work will kill 2%.
Anthropic is super opaque with what inference costs at any given moment on the subscription and cache is just super inconsistent.