If I was an investor in an AI provider I would be quite worried.

1) Switching between LLM API:s is incredibly easy if you are not concerned with differences in personality. As the models get better, it is less important to pick the best one.

2) The products built to bundle the API with a user experience are difficult to build on a level that outclasses open source alternatives.

3) Building an understanding of the user to increase the product value over time and create stickiness is effective, but imho less effective over time as time passes and the user changes. For example, I suspect that these adaptations have a hard time to unlearn things that are no longer true. Learning about the user opaquely is less useful to the user and doing it overtly makes it easier to take the learnings and go. (Besides, it is probably not legal under the GDPR to not let the user export the learnings and take them to another provider.)

Taken together, the moat becomes quite shallow. I see why they aggressively ban any tools demonstrating when open alternatives are in fact better than their own walled gardens.

edit: readability.