There are, but then the question really becomes "what is the moat"? I.e. lots of these companies are essentially just providing wrappers around the best models

There are, but then the question really becomes "what is the moat"? I.e. lots of these companies are essentially just providing wrappers around the best models coupled with some type of RAG approach. FWIW, I believe there is a defendable moat for the players that have really good UI and are really focused on end-user solutions. E.g. I pay for Cursor.sh because I believe it is an easy net win for my productivity. But I do really wonder if these "AI application" companies can support their lofty valuations. I feel like most of them will have limited pricing power because if they try to price too high it's easy for someone to say "OK, we'll just go to a competitor, or even pull it in house."