“DeepSeek runs a 70-80% gross margin on V4 API access, proving you can serve frontier AI at almost no cost. That kills the story that AI demand requires endless GPU builds, and NVIDIA's premium rests entirely on that story.”
“DeepSeek's gross margin from selling v4 API access is...70% to 80% (!)”
Prices are point-in-time snapshots from the named provider. The verdict compares the return since entry against the band above.