Brad Gerstner confirmed that tokens aren't being sold at a loss. Whatever the formula, API + Subscription split, the companies are making a profit on net token sale.
They maybe running at loss after all the salaries and stock comp, but tokens are in profit now.
But growth stall, because competitors will capture future growth. You need to keep up.
Of course I acknowledge if Hersheys uses AI to make trillions of chocolates a second, there is an upper limit on consumption. And hence a limit on revenue.