> I mostly see their products as commodity at this point, with strong open source contenders.

I have seen this argument made a lot, but llm serving being a commodity makes it _better_ for them not worse.

If it's a commodity, then you are entirely competing on price, and the players that will win on price will be the largest ones, because they can find efficiencies that smaller competitors won't have.

It's actually the small LLM companies that are in trouble if LLM serving commoditizes. They will need to distinguish themselves on features, because they can't compete on price. And even there the big labs will have an advantage.