It still doesn’t justify their valuation because it shows that their product is unprotectable. First-mover advantage doesn't always have to pay off in the mark

It still doesn’t justify their valuation because it shows that their product is unprotectable. First-mover advantage doesn't always have to pay off in the marketplace. FedEx probably has to schedule extra flights between SF and DC just to haul all of OpenAI's patent applications. I suspect that it's going to end up like the early days of radio, when everybody had to license dozens of key patents from RCA ( https://reason.com/2020/08/05/how-the-government-created-rca/ https://reason.com/2020/08/05/how-the-government-created-rca... ). For the same reason, Microsoft is reputed to make more money from Android licenses than Google does.