I think the performance of models is only one aspect. You have to take in account the cash flow, how much spending commitment the different actors have, debt, etc. OpenAI has taken some very risky commitments, of they don’t get the revenue to cover their expenses in the next few years their situation will be pretty bad

I wouldn't worry about their commitments. Their growth is insane if it's similar to Anthropic's revenue numbers. Their IPO might also raise a few hundred billion.