According to CoinMeta, Barclays Bank of the UK pointed out in a research report on the AI industry that for every $100 in revenue generated by AI model companies, approximately $35 to $40 goes towards the costs of computing power used for inference, which are paid to the three major cloud giants: Amazon Web Services (AWS), Microsoft’s Azure cloud service platform, and Google Cloud Platform (GCP). Cloud service providers earn around $10 to $20 in gross profit from this, representing a profit margin of 35% to 45%. Meanwhile, the profit margin of AI laboratories' paid inference services has significantly increased, rising from the low double digits in 2025 to 50% to 65% or even higher in 2026, with the adjusted gross margin increasing by 30 to 50 percentage points year-over-year. Barclays analysts believe that the actual profit margin may be higher than the estimates in the report, but as competition among cutting-edge models intensifies and the supply of computing power continues to increase, the profit margin is expected to gradually decline.