Large Model Companies Themselves Are Not a Particularly Good Business Model

@ChuTuanZhangLiaoLiaoTian:Anthropic is now valued at $1.2 trillion.

Some random thoughts.

At present, it appears that large model companies themselves are not a particularly good business model.

Customers have no loyalty; whoever has the strongest capabilities gets the users.

Can model capabilities form a moat?

Personally, I think it's difficult. First, they can be distilled; second, competition is fierce; third, the actual user experience is closely related to computing resources.

Once closed-source large models are caught up by open-source ones, how much will their value be slashed?

Can user experience form a moat? That's also difficult. In the current ecosystem, one-click migration is not a hard thing to do.

I don't think AI hardware has much of a bubble right now.

But whether large models are worth that much money—$1.2 trillion—I think is open to debate.