The fact that dozens of companies seem to have been able to produce great models, and the mid-tier ones are only months behind the frontier models tells me that just having a great model is not much of a moat. It may actually be having the physical stuff that makes all of this possible is the bigger revenue generator.

Data centers do not trade on 100x earnings, and if you believe that they should, then there are plenty that don't have rocket ship and social media companies attached to them.