CapEx vs. OpEx.

If they stop training today what happens? Does training always have to be at these same levels or will it level off? Is training fixed? IE, you can add 10x the subs and training costs stay static.

IMO, there is a great business in there, but the market will likely shrink to ~2 players. ChatGPT has a huge lead and is already Kleenex/Google of the LLMs. I think the battle is really for second place and that is likely dictated by who runs out of runway first. I would say that Google has the inside track, but they are so bad at product they may fumble. Makes me wonder sometimes how Google ever became a product and verb.

That paragraph is quite clear.

OpEx is larger than revenue. CapEx is also larger than the total revenue on the lifetime of a model.