All true.

It does seem like the structural characteristics we’ve observed so far suggest there is a kind of flywheel from short-term to long-term advantage due to the capital requirements at various levels.

If you’re Nvidia, making the best GPUs today, the expanding wavefront of demand is consuming them with volume and margins to give you a huge edge in building out the best next generation of GPUs. Similar to how the mobile wave gave TSMC sustained advantage for about a decade now.

I’m guessing this is also what we’re seeing as Anthropic and OpenAI swap spots in the token-vendor market.