Yeah, I've always found it a bit puzzling how companies like OpenAI/Anthropic have such high valuations. Like what is the actual business model? You can sell inference-as-a-service of course but given that there are a half-dozen SOTA frontier models and the compute cost of inference is still very high it just seems like there is no margin in it. Nvidia captures so much value on the compute infrastructure and competition pushes prices down for inference and what is left?