There seems to be an ongoing mass exodus of their best talent to Anthropic and other startups. Whatever their moat is, that has to catch up with them at some point.
There is no moat. The reality is not only are they bleeding talent but the pace of innovation in the space is not accelerating and quickly running into scaling constraints.
The biggest improvements are coming from the diffusion models. Image, video, and voice models.
People are really trying to sell this idea that LLMs are anything but commodities.
But they are, I don't care what model my applications use, I care about the results.