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The Long-Term Reality of Hyperscalers: The Good, The Bad, and The Ugly Scenarios

OpenAI disclosed that its adjusted gross margin on inference dropped to 33% in 2025, down from 40% the previous year, as inference costs quadrupled. The company also projected training expenditures to rise sharply, reaching $32 billion this year and $65 billion next year, far above earlier expectations. Analysts argue that such margin compression, combined with well‑funded competitors like Alphabet, could force AI labs to lower API prices and strain profitability. The article highlights the broader uncertainty surrounding long‑term economics for private AI labs and hyperscalers.