I wonder about OpenAI's moat. Thanks to advances in hardware and rapidly improving open-source ML frameworks, it's getting significantly easier and cheaper to replicate what they've built over time. That's not the case for most startups: it's not really any easier to build an Uber clone today than it was ten years ago.

OpenAI depends on spending vast amounts of money to stay a year or two ahead of the competition. I'm doubting whether that's a justified tradeoff.