How big is the market for inference truly? “You look at the four or five key inference providers, and when you add them all up, they are plus or minus $5BN to $6BN in run-rate revenue. The sum of the OpenAI and Anthropic revenues is probably north of $100BN to $110BN right now. By dollars, inference is less than 5%. If the tokens are roughly the same, do I want to give Claude Code a 70% gross margin, or buy it on Modal and give them a 30% gross margin? It points to the upside there.”…