Anish Acharya

Like it's like, do you want the Beatles or not?

You can charge 99% of your customers gross margin and you do and you actually tend to charge 100 or 110%.

So that actually was a big risk to the ecosystem.

What has instead happened is we have all these foundation model providers.

They're all innovating, roughly in lockstep.

80% of what they do, I think that they're actually substitutes for.

And then there's the open source models, which also do the same things.

And then in the 20%, which arguably is where a lot of the value is, they are all specialists.

So because you live in this world of multi-model, where for some use cases they're substitutes, for some use cases they're actually specialists, there's a lot of value in having an aggregation layer, and that is the apps company.

So let me tell you two categories specifically.

One is coding.

I think that if you actually look at coding, you might know that Gemini is great for front-end, Codex is great for back-end.

If you're vibe coding your project, you probably want to use both and you don't want to switch between two CLIs all the time.

It's just a pain.

So being able to use cursor as a single way to orchestrate all the models is valuable.

Similarly for creative tools, right?

We're seeing this specialization, fragmentation specialization, mid-journey in CREA with their CREA 1 model.

These are the most aesthetically opinionated models, right?

They create this incredible, beautiful imagery.

Conversely, if you look at ideograms,