The Kobeissi Letter reports open-source models like DeepSeek V4 Pro cost over 50 times less per token than Anthropic Fable 5, pressuring margins as CapEx surges.

According to the source, Gemini shares declined in after-hours trading after its first earnings since IPO highlighted rising costs, indicating near-term margin pressure, source: the provided source post. Traders should review the company’s official earnings release and forthcoming SEC 10-Q for details on operating expense growth, gross margin, and guidance before the next cash session, source: company investor relations and SEC filings. Given the cost-driven pressure, monitor pre-market liquidity, options implied volatility, and short interest for potential follow-through, and track any risk-off read-through to crypto-exposed equities and BTC proxy trades, source: the provided source post and exchange data.