Consider the wisdom of speculating on the incredibly fast adoption of the internet and mobile technologies, and on that basis investing heavily in whatever mobile carrier had the fastest network.

The speculation that the AI investment sector depends on is not just that adoption is incredible and that the value it generates is high, it's ALSO that the companies will be able to capture a significant amount of that value generation for themselves via fees or some other mechanism.

Are the LLM vendors more comparable to Google/Apple in this scenario, or more comparable to AT&T and Bell?