Will's Blog: Chinese open models like Kimi K3 and Qwen3.8 Max shift the industry's focus back to marginal costs and cost of goods sold, as inference costs scale with revenue (Ben Thompson/Stratechery)

20 July 2026

Chinese open models like Kimi K3 and Qwen3.8 Max shift the industry's focus back to marginal costs and cost of goods sold, as inference costs scale with revenue (Ben Thompson/Stratechery)

Ben Thompson / Stratechery:
Chinese open models like Kimi K3 and Qwen3.8 Max shift the industry's focus back to marginal costs and cost of goods sold, as inference costs scale with revenue — There's a story I tell about my first day in STRT-431 at Kellogg School of Management, the introductory class that every …

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