Hi everyone! Excited to share another piece I worked on! The level of capex from Big Tech (e.g. Alphabet with $85B in capex) and startups like OpenAI and Anthropic raising tens of billions in funding raises an interesting question: is there enough air in the room for new challengers like SSI and Thinking Machines. I argue that the foundation model game is a capital game at this point, and that it’s too late for new challengers. https://eastwind.substack.com/p/capital-and-industry