This earnings season, the cost of AI started showing up in the numbers. Meta , Shopify , Spotify , and Pinterest all flagged rising AI and inference costs as a drag on margins. Shopify said economies of scale were "partially offset by increased LLM costs." This is the bill coming due for the pricing model that underpins OpenAI's and Anthropic's expected IPO valuations, both projected north of $800 billion. Those numbers assume OpenAI and Anthropic will hold their market share and pricing power —

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