BRK (Why are investors split on earnings?). Because they want to screw my puts and my calls. Sure, 30% operational profit is not enough for greedier bastards than me :D
That's the margin for inference compute. It leaves out the costs of training, which are about 50% higher than inference. I know that you're including that in the broad category of "R&D and Capex" but everything we know about how these models work indicates that this will be an ongoing cost forever. You're banking on a model that doesn't have to be trained. That's science fiction.