Selling tokens at a massive loss, burning billions a quarter isn't the win you think it is. They don't have a moat bc they literally just lost the lead, you only can have a moat when you are the dominant market leader which they never were in the first place.
> All indications are that selling tokens is a profitable activity for all of the AI companies - at least in terms of compute.
We actually don't this yet because the useful life of the capital assets (mainly NVIDIA GPUs) isn't really well understood yet. This is being hotly debated by wall st analysts for this exact reason.
Gemeni does not have 'the lead' in anything but a benchmark.
The most applicable benchmarks right now are in software, and devs will not switch from Claude Code or Codex to Antigravity, it's not even a complete product.
This again highlights quite well the arbitrary nature of supposed 'leads' and what that actually means in terms of product penetration.
And it's not easy to 'copy' these models or integrations.
