“You have pricing power in the sense that an oil company has pricing power. There is shortage. I can name my price. But you don't have pricing power in the sense that people have to buy my oil and not their oil because it's all the same.”

…So you don't know where supply and demand are going to be in two and three or four years' time. Secondly, the models themselves are more or less commodities. And certainly if you're deep into this, as again, we've discussed, you can argue about, oh, well, Claude is better than Gemini for this. But in generality, everyone is looking at using two and three models and you don't have pricing power. You have pricing power in the sense that an oil company has pricing power. There is shortage. I can name my price. But you don't have pricing power in the sense that people have to buy my oil and not their oil because it's all the same. And yes, sorry, I know different kinds of oil are different. But like the point here is that, okay, these are pretty fungible systems. And so you don't know where supply and demand is. Right now, you don't have differentiation on your own terms. We don't know if that will change. We don't know if a winner-takes-all effect will emerge. This is why people talk about recursive self-improvement.…