I like your comment, but it doesn't go far enough! The other issue here is the price of FLOPS is still dropping; so even if training the model weights was a moa

I like your comment, but it doesn't go far enough! The other issue here is the price of FLOPS is still dropping; so even if training the model weights was a moat it will probably evaporate quickly over the next few years if price trends hold. All this capital spend would have been much cheaper if deferred by a few years. If they aren't making massive profits right now then there may well be a problem.