I've gone down the rabbit hole on GLM 5.2 and the Chinese open-source models are functionally indistinguishable from the world's best closed frontier models for most users. I wonder how long this takes the market to start pricing this in, maybe after the anthropic and openAI IPOs, later this year? Technology is structurally deflationary with inflationary spikes, and it's a race to zero on inference costs. I believe at some point we will get an open-source-driven deflationary shock, that's when the fed pivots but with tech, each cycle happens quicker.(James Van Straten)