Factory AI CTO @EnoReyes says frontier AI labs may face margin compression but that doesn't mean their businesses get worse: "I think margin compression. Huge volumes of inference on a tighter margin profile is not bad." "Each of the model providers will choose either, 'I want to be a very wide, huge, high-throughput, high-volume, compressed-margin but still good business,' or they'll say, 'I just want to target some extremely high-value problems.'" "If 1% of all tokens goes to this one…