This is a required-efficiency bound computed from published rate cards and published GPU rental indices. Rate cards are not realized prices, and a frontier lab’s marginal input cost is not the spot rental rate — both make the threshold conservative. It is not an accounting of any company’s margins and makes no claim about any firm’s financial condition. Token prices are as published on July 30, 2026; GPU figures are quoted-rate medians, not transacted contract prices. Research and education, not investment advice.