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 …