True, and even selling token price may not be illustrative of what it actually costs them to provide the service. Tokens may be sold at a loss if majority of spenders are running agents 24/7
The industry and users moves on from single chat-based to more and more "agentic" workflows that may generate longer workloads with multiple simultaneous agents (separate agents - separate contexts - separate KV caches).
My estimation is based on, say, running a Kimi3 on a 24 B200 GPUs - it is very easy to lose money when selling tokens at "market" prices.