Xiaomi, Nvidia Nemotron, Minimax, lots of other smaller ones too. There are massive economic incentives to shrink models because they can be provided faster and at lower cost.

I think even with the money going in, there has to be some revenue supporting that development somewhere. And users are now looking at the cost. I have been using Anthropic Max for most of this year after checking out some of these other models, it is clearly overpriced (I would also say their moat of Claude Code has been breached). And Anthropic's API pricing is completely crazy when you use some of the paradigms that they suggest (agents/commands/etc) i.e. token usage is going up so efficient models are driving growth.