SouthernValue

The way I’d calculate gross margins, they are -70%. W/ training costs compounding and inference cost so high, it’s hard to picture a terminal margin structure here similar to the other mega cap tech monopolies and will be far more cap intensive, vs the others which have thrown

Sub 40% GM, training compute (counted as R&D) that is supposed to 5-10x every year (and if it doesn’t, they are prob a commodity), huge corp brain drain to competitors, messy cap table gave first $100B of profits and all IP to date away to $MSFT, 4 competitors who have ~$100B of https://t.co/CJLS6QTONb