To be a commodity, there has to be a constrained supply. So-called AI is just software and the replicable nature of software means it cannot be a commodity. I'

To be a commodity, there has to be a constrained supply. So-called AI is just software and the replicable nature of software means it cannot be a commodity. I'd agree on your other point that the competitors have done a great job of catching up to a point where the valuation makes little sense given the limited moat.