That’s not at all clear to me. IANAL but first of all it’s a balancing test, not a bright-line test. The judge could focus on any one factor and make an argument for either side quite easily.
Second, “use” here could mean one of two things: training or inference. It’s publishing the results of inference that can lead to actual effects on the market, not the training.
At the end of the day, someone has to prove tangible harm.