> To me, I think these folks see that the music is getting harder to hear and might stop entirely

At the frontier companies, but not for hugging face or nvidia. Their business are going to be around for a while considering how local models are performing now.

I don't think local models would require hardware at nearly the scale that the datacenter buildout for OpenAI/Anthropic/etc. required. Nvidia got as high as the Icarus, it will be hard not to melt, despite they being a real company with real product that is so in demand that you can't buy their hardware even when you're willing to pay above the recommended price. They are addicted to billions, and the cold turkey clean-up will be painful as hell.

What is hugging face's business? I thought they were just free model hosting.