Of course they will. Tokens are valuable, you can always spend a finite budget on specialized tokens or fewer and higher quality tokens, size of user base and engagement gives you a flywheel moat that is difficult for newcomers to compete with. The market is complex and easy to oversimplify.

Isn’t capital and momentum a moat? Sure Chinese models use distillation but I don’t see them training models from scratch. At least not today. But maybe as chips get cheaper and they have Chinese made ones?