[Barclays: For every US$100 earned by AI model companies, approximately US$35 to US$40 goes to the three major cloud giants] On August 30, Barclays stated in a report that for every US$100 earned by AI model companies, approximately US$35 to US$40 will flow to the three major cloud giants, namely Amazon AWS, Microsoft Azure, and Google Cloud Platform (GCP), in the form of inference computing power fees. In this part of the revenue, cloud service providers can obtain an operating profit of approximately US$10 to US$20, corresponding to an operating profit margin of approximately 35% to 45%. The report pointed out that the profit margin of the AI ​​laboratory's paid inference business has risen significantly, from low double-digit levels in 2025 to 50% to 65% or even higher in 2026, and the adjusted gross profit margin has increased by 30 to 50 percentage points year-on-year. Barclays analysts believe that actual profit margins may even be higher than the estimates in the report, but as competition in cutting-edge models intensifies and the supply of computing power continues to increase, profit margins are expected to gradually fall back.