My thesis is still that model building has no moat. Folks continue to migrate around between the big labs. There is a lot of value in having good taste around the harness and how the models are used. The medium to long term winners will be the folks that control the compute.

You can only control the compute if it is not commoditized, which at the current moment, it is not, leading to industry players having 75-80% margins.

Someone will find a way to make cheaper compute, and since nothing fundamental changed there (LLM didn't change how silicon were made), that's bound to happen.