[adventured]

> Either Chinese labs are worth more or OpenAI/Anthropic are worth less. One of those is true

The reason that's not inherently accurate is because it assumes the economic models are identical. That couldn't be further from the truth. It'd be like pretending a globally dominate Google search engine should be worth as much as eg Baidu or Yandex. No doubt Baidu is an advanced search engine, and that's not what defines its economic characteristics: the markets it operates in does, the market ownership does, the ad engine does, the ability to sell does (advertiser relationships), etc.

OpenAI is very likely to bolt on a massive, global advertising platform to GPT over the coming years (and yes, it'll take time to build up). The Chinese labs will have a very hard time replicating that to a global audience the way the US tech companies have repeatedly proven they can. OpenAI will poach proven ad system builders from Meta and Google.