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There’s two different markets.

The research market is made up of firms like OpenAI and Anthropic that are investing billions in research. These investments are just that. Their returns won’t be realized immediately, so it’s hard to predict if it’s truly a bubble.

The product market is made up of all the secondary companies trying to use the results of current research. In my mind these businesses should be the ones held to basic economics of ROI. The amount of VC dollars flooding into these products feels unsustainable.



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