> that doesn't necessarily mean that those models are a lasting asset.

It remains to be seen, but typically this forms a moat. Other companies can't bring together the investment resources to duplicate the effort and they die.

The only reasons why this wouldn't be a moat:

1. Too many investment dollars and companies chasing the same goal, and none of them consolidate. (Non-consolidation feels impractical.)

2. Open source / commoditize-my-complement offerings that devalue foundation models. We have a few of these, but the best still require H100s and they're not building product.

I think there's a moat. I think Anthropic is well positioned to capitalize from this.