> Plus these LLMs don't have any kind of interface moat.

The interface really has very little influence. Nobody in the enterprise world cares about the ChatGPT interface because they're all building features into their own products. The UI for ChatGPT has been copied ad nauseam - so if anyone really wanted something to look and feel the same it's already out there. Chat and visual modals are already there, so I'm curious how you think ChatGPT has an "interface moat"?

> Local private models are not a threat to openai.

There are lots of threats to AI. One of them being local models. Because if the OpenAI approach is to continue at their burn rate and hope that they will be the one and only I think they're very wrong. Small, targeted models provide for many more use cases than a bloated, expensive, generalized model. I would gather long term OpenAI either becomes a replacement for Google search or they, ultimately, fail. When I look around me I don't see many great implementations of any of this - mostly because many of them look and feel like bolt-ons to a foundational model that tries to do something slightly product specific. But even in those cases the confidence with which I'd put in these products today is of relatively low quality.