>OSS will be sufficient for most businesses

Only for well defined tasks. There's not really a practical upper bound. We will keep throwing more complex tasks at it to the extent that it can handle them. Like if you just need fancy OCR, then a specific model will probably suffice, but there will be an appetite for human- or superhuman-level intelligence that never gets tired and has no rights.

Funny I consider this valuation modest considering what the max extent of the investment thesis is here.

SaaS and legal market caps have already contracted a multiple of the combined OpenAI + Anthropic valuations just based on the _threat_ of what they may be able to accomplish.

They'll have the data + knowledge edge over open alternatives and be able to implement + deploy (see the story about Anthropic employees being at GS for 6 months already[0])

[0] https://www.cnbc.com/2026/02/06/anthropic-goldman-sachs-ai-m...

They’ll become commodity AI compute providers while training and selling premium foundation models.

These companies are spending billions on custom datasets for a gazillion of valuable tasks and are clamping down on exfil for distillation. It's not guaranteed open source models will continue to keep pace.

Then they will fall back on the selling their other real competitive products - hardware accelerators, phones and PCs, cloud storage and cloud compute, enterprise software, databases, operating systems, office and media suits... Oh wait...

What do you value a company at that has gotten to $14b in revenue in 3 years and has 60%+ margin on inference? Just out of curiosity.