[infecto]

My thesis is still that model building has no moat. Folks continue to migrate around between the big labs. There is a lot of value in having good taste around the harness and how the models are used. The medium to long term winners will be the folks that control the compute.

[Aperocky]

You can only control the compute if it is not commoditized, which at the current moment, it is not, leading to industry players having 75-80% margins.

Someone will find a way to make cheaper compute, and since nothing fundamental changed there (LLM didn't change how silicon were made), that's bound to happen.