>ChatGPT 5.3 to 5.4 (and likely 5.5) was basically the same model, but probably trained a bit more, not a new model from scratch. Then those models have an ero

>ChatGPT 5.3 to 5.4 (and likely 5.5) was basically the same model, but probably trained a bit more, not a new model from scratch. Then those models have an eroding moat and will be quickly driven down to commodity pricing. The only thing propping up inference margins are the cap-ex costs of training. That's the moat. That's why there's no way to win this game. You cannot have low training/infrastructure cost and high margins (such as would justify today's valuations). >I doubt a Chinese version of Fable/Mythos will be released in the next 12 months. I would take that bet.