Anish Acharya

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

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%.

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.

So that actually was a big risk to the ecosystem.

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

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

They're all innovating, roughly in lockstep.

They're all innovating, roughly in lockstep.

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

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 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.

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 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.

So let me tell you two categories specifically.