[Barclays: AI Lab Gross Margin Gap Exceeds 50 Percentage Points, The Secret Lies in API Proportion] Deep Tide TechFlow reports, according to research by Tide Direction, Barclays' August 27, 2026, research report points out that differences in the business structure of AI labs lead to a gross margin gap exceeding 50 percentage points. API inference profit margins had surged to over 65% by 2026, while subscription product profit margins lagged nearly 30 percentage points behind. Assuming two labs each generate total revenue of $100 in 2026, one achieves $55 in profit due to a higher API proportion, while the other, with 80% of revenue from subscriptions, earns only $38 in profit. The method of recognizing indirect API revenue further amplifies discrepancies in financial statements, as recognizing revenue on a gross or net basis can significantly distort reported figures. Of every $100 in AI lab revenue, approximately $35 to $40 flows to hyperscale providers, who generate about $10 to $20 in operating profit, corresponding to an operating margin of 35% to 45%. Barclays predicts that inference profits will gradually surpass training costs, driving an improvement in AI labs' own profit margins. However, AWS, Azure, and GCP will continue to dominate AI lab computing expenditures over the next two years, with this dynamic expected to shift gradually starting in 2028 as AI labs roll out their own infrastructure. Barclays believes that when comparing AI labs, investors should not focus solely on revenue figures but must delve into underlying variables such as product structure, the proportion of API versus subscription revenue, and revenue recognition methods.