It makes all the difference when they also know 90% of their capex is worthless. Obviously hyperbole, but grossly over valued for what was originally scaled. And with compute infra depreciating 3-5 years, it doesn't matter whose ahead next month, if what they're actually ahead in is massive massive debt due to loss making infra outlays that will never return on capita because their leading model now can only recoop a fraction of that after open source competitors drove prices down for majority of good enough use cases. The lesson one should learn is economics 101 still applies. If you borrow billions on a moat, and 100s of billions on a wall, but competitors invent a canon, then you're still potentially very dead, just also very indebt while doing so.
It makes all the difference when they also know 90% of their capex is worthless. Obviously hyperbole, but grossly over valued for what was originally scaled. And with compute infra depreciating 3-5 years, it doesn't matter whose ahead next month, if what they're actually ahead in is massive massive debt due to loss making infra outlays that will never return on capita because their leading model now can only recoop a fraction of that after open source competitors drove prices down for majority of good enough use cases. The lesson one should learn is economics 101 still applies. If you borrow billions on a moat, and 100s of billions on a wall, but competitors invent a canon, then you're still potentially very dead, just also very indebt while doing so.