Comment by kube-system

Yeah, nobody is doubting that people want to consume tokens. We're doubting that that Google, OpenAI, or Anthropic has a significant enough moat to keep people buying their tokens there. Over the past couple years the moat has been the model. As open models are getting better, that moat is drying up. Eventually the market for "tokens" will converge with the market for compute, which is a commodity with little to no moat.