[jillesvangurp]

Not all of them. The mobile internet is a good analogy. Lots of telekom providers that invested heavily in infrastructure and then had to earn that back via subscriptions. But in the end that became a race to the bottom and a lot of their attempts to create walled gardens completely flopped when Apple and others came along. MMS got replaced by iphoto, instagram, etc. SMS got replaced by messaging clients. And so on.

I don't believe in the model where OpenAI or Anthropic will own the whole value chain. They'll try and probably fail. They'll own lots of infrastructure and there's going to be a shortage of that for some time. But most of the value creation will happen upstream from them.