That’s like asking, when electricity is so cheap, where is the money?

The money is in the applications and inventions that build on top of models.

And I have yet to see a useful application that I can use and that is not a glorified JavaScript code completion plugin.

No it’s not. If electricity is cheap margins is lower. We’ve had expensive electricity lately and power companies are earning a lot (compared to normal) also you missed my main point. If it’s cheap - I can self host - and build my own thing, rather than relying on big/overvalued AI

You are one of a tiny monitory in that regard.