I think an open question is if SOTA labs should be priced like software companies have been. Software has been so valuable because the marginal cost approaches zero as distribution increases. Profit/employee at a company like meta prior to massive AI spending was measured in the millions. Meanwhile, the balance sheets of the labs look entirely different - remaining competitive requires continuous and astronomic capital costs, and there's no indication that this goes away. They are perennially being chased by competitors offering the same performance as models mere months old at fractions of the cost.
Their business to me, at least long term, looks a lot more like an airline, railroad, or other extremely capital-heavy industry with very competitive and low margins. None of those trade at 6+ p/s. Particularly on the buyer side, the switching cost to me as a high-AI-spending employee if a cheaper model offers compelling performance is less than deciding that I should ditch my preferred business travel airline.
I think that's why you're seeing so many calls from the leaders of those companies to regulate their competition away.