Google's low-price strategy in the token field has attracted industry attention—some believe this poses a direct impact on foundation-type large model companies that rely on selling tokens for revenue.

But the question is, why does Google dare to "lose money" like this?

Compared to companies like OpenAI that focus on model research and development, Google's cost structure has an inherent asymmetric advantage. The key is vertical integration—Google controls its own chips and computing infrastructure, which means its cost ledger is on a completely different level from other companies.

According to financial report data released by Alphabet in early 2025 and 2026, this advantage is vividly demonstrated. Google can not only autonomously control hardware costs but also optimize costs across the entire supply chain, giving it enough room to make seemingly "loss-making" decisions—essentially breaking the existing token economic pattern by capturing market share.