Models are compressing differentiation at the edge while expanding the value of systems that own the rails underneath. In other words, the market is rewarding the picks-and-shovels layer, the embedded workflow layer, and the monetization layer far more than the chatbot layer. Advantage will not just be size — it will be the ability to industrialize AI faster than entrants can reassemble your stack. In the AI era, who owns the rails owns the rent.
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