I accept that. Your original comment left me under the impression that this represented a shift closer to the edge (I still don't think the hardware is all that much smaller), but I'll agree this is cheaper per token under full utilization.

Doubtful. SRAM is not cheap, and this is entirely about SRAM vs HBM.

They list the price in this press release. So either they're taking a big loss or they're doing it cheaper per token.

It wouldn't be the first time a manufacturer ignored capital amortization to post better numbers.

Not even necessarily a loss let alone big, since their comparison includes margin.