> There's nothing there that isn't immediately replaceable.

Indeed. But that was not my point. My point is that we still have this old impression that training cost is dominated by compute and it is hugely expensive, and the Chinese labs can short circuit that by distilling the American frontier models. I don't think the training compute cost is a big factor anymore for the American frontier models, because of the reasons I gave. If the Chinese models can get the training compute cost down by a factor of 100, that's not going to make them 100 times cheaper, and not even cheaper by a factor of 2. Maybe 10% cheaper or so.