Find the Kernels
Model weights are open. APIs are commodity. The defensible value in the models era lives in the kernel layer, where small efficiency gains compound across GPU fleets and the talent pool is measured in hundreds.
Moats
Every Inch Matters
When building becomes trivially easy, every software market becomes a red ocean. A browser from scratch in one week. 3 million lines of code. This isn’t an anomaly; it’s the new baseline.