I think argument here is that anyone can build a business that converts $2 capital into $1 of revenue. Concur on enormous TAM, but given similar performance of competing models their only moat is ChatGPT brand*. This leaves building a God as the killer app... maybe that can work.
Note: owning a brand associated with the thing worked out pretty well for Google, so maybe it's enough.
Note: owning a brand associated with the thing worked out pretty well for Google, so maybe it's enough.