Barclays said in the report that for every 100 US dollars of revenue received by the AI model company, about 35 to 40 US dollars will go to the three major cloud giants, namely Amazon AWS, Microsoft Azure, and Google Cloud platforms in the form of deduced computing power costs. In this portion of revenue, cloud service providers can obtain operating profit of about $10 to $20, which corresponds to an operating profit margin of about 35% to 45%. According to the report, the profit margin of AI Lab's paid inference business has risen sharply, from a low double-digit level in 2025 to 50% to 65% or even higher in 2026, and adjusted gross margin increased by 30 to 50 percentage points over the same period last year. Barclays analysts believe that actual profit margins may be even higher than the estimates in the report, but profit margins are expected to gradually decline as competition in cutting-edge models intensifies and the supply of computing power continues to increase.

Barclays said in the report that for every 100 US dollars of revenue received by the AI model company, about 35 to 40 US dollars will go to the three major cloud giants, namely Amazon AWS, Microsoft Azure, and Google Cloud platforms in the form of deduced computing power costs. In this portion of revenue, cloud service providers can obtain operating profit of about $10 to $20, which corresponds to an operating profit margin of about 35% to 45%. According to the report, the profit margin of AI Lab's paid inference business has risen sharply, from a low double-digit level in 2025 to 50% to 65% or even higher in 2026, and adjusted gross margin increased by 30 to 50 percentage points over the same period last year. Barclays analysts believe that actual profit margins may be even higher than the estimates in the report, but profit margins are expected to gradually decline as competition in cutting-edge models intensifies and the supply of computing power continues to increase.