> Will the big labs leave anything for external competition?

Unfortunately no.

The TAM for Anthropic and OpenAI is anything that runs software or a screen.

Any software or technology business that has high margins that Anthropic and OpenAI are not doing will be a target.

After both their IPO's mandates Wall Street them to push for more growth by competing in other technology business areas or they will get punished in the markets.

It is ROI or bust.