Anthropic and OpenAI are not only getting squeezed by open-source/open-weight LLMs, but also by Google, Meta, etc. These companies can afford to be loss-making in this part of the business, but once they have you as a customer in their ecosystem using Google Gemini, the difference between LLMs will be marginal and you won’t move over. All value eventually accrues to the hyperscalers.(James Van Straten)