But there never really was a moat in LLM?.. I mean, I don't know where you stand, but my perception is that we all kinda knew that the whole time since 2017, and really knew that since DeepSeek. What they really care about is:

1. Customer acquisition.

2. Cheap(er) electricity/hardware.

So it's really surprising to me that them making their own chip surprises anyone at all. The electricity thing is already kinda being taken care of by earlier strategic alliances with some other evil people, the chip is a natural next step.