The idea is war of attrition and then as your potential competitors run out of money and it costs too much for a new entrant, you raise your prices to be profitable and/or enshittify your product.

Right, but unlike with social products (where the network of users is essential) or transportation/food delivery (where providers will follow the user volume) I just don’t see any stickiness benefit for OpenAI. A user’s conversation history is the only potentially valuable bit, but I think most users treat their ChatGPT history like their Google search history; disposable.