Editorialvia The Decoder
The subsidy ends where the margin begins
OpenAI and Anthropic are giving away computing power, Microsoft is relying more on its own models, Amazon is raising a bond sale to fund AI investments, and DeepSeek is designing its own chip. The common thread is cost control: the AI race is shifting from who has the flashiest demo to who owns enough of the stack to make the bill bearable. Product builders should treat today’s cheap access as a temporary advantage, not a permanent business model.