[EvgeniyZh]

I don't see how they can keep their margins with all the pressure from Chinise models. It got to be race to the bottom on margins.

They (together with OpenAI and maybe Google) can have better margins on frontier models, but the demand on those got to be much lower

[0xDEAFBEAD]

Exactly. Many people will choose the cheapest possible model that's smart enough for their use case. "Frontier" is a transient property; open models tend to catch up in 6 months or so.