McCormick: OpenAI and Anthropic inference margins are healthy
Packy McCormick · The Secret Economics Controlling OpenAI, Anthropic, and the AI Boom · Feb 18, 2026 · at 5:25
Packy McCormick breaks down AI lab economics, distinguishing depreciating training costs from inference profit margins.
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“Well, it's way, way cheaper than what you pay to Anthropic or OpenAI, so they must have good margins, and everyone sort of agrees at this point that inference margins are in fact healthy.”
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