I agree that by what we are seeing so far, there is no magic secret sauce on the horizon. The tech is not super hard to understand and develop, such that hiring a few capable ex-employees of the big labs can help you build a new one. Any big step in capabilities has been quickly matched by the other labs so far, including agentic AI but also image and video generation.

Also, "circular financing" is a meme. A private company cannot create money, there is no circularity. NVIDIA may buy services from OpenAI and also sell them GPUs. If a lumberjack buys eggs from his neighbor and also sells him wood to improve his chicken coop, that's not circular financing, just business happening in both directions.