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> A year or two beyond the competition, at this point, is their moat.

That doesn't seem like much of a moat.

> They have GPT-5 in the pipeline and are likely hard at work planning and prepping for GPT-6.

I wouldn't be surprised if there's an element of diminishing returns here. The improvement from GPT4 to GPT5 is likely much less than GPT3 to GTP4.



And they are going to run into source data problems. The internet is not producing that much more quality content, and now they have a problem with AI-generated clickbait.




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