即将到来的人工智能利润崩溃中的赢家与输家（第二部分）
随着AI推理利润率崩溃，谁才能真正捕获价值？硬件供应链和消费者成为赢家，模型推理走向商品化，而前沿实验室的出路在于管理智能体并保持领先。
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The article argues AI inference is profitable, with estimated costs around $1 per million tokens and API prices far higher, supporting 70-80% gross margins. AI labs charge high margins to subsidize training, but inference itself remains a viable business even if those labs fail.
Pipelines use code-defined control flow for LLM programs; agents let the LLM manage control flow with tools. Pipelines are predictable but rigid, while agents are smarter and more flexible at the cost of unpredictable latency and cost. The author recommends using agents when in doubt.