Hi everyone! Wanted to share a write-up I did on the foundation model layer! I look at what the "endgame" could be for this layer of the stack, and where value will accrue. I argue that for startups like OpenAI / Anthropic to justify their valuations, they must execute a multi-pronged strategy: capture advertising revenue from ad incumbents (Google, Meta), build a defensible enterprise business (capturing service, not API revenues), while investing in moonshot endeavors. Check it out here & would love feedback from the community!