Stephen Jarvis reposted
Further evidence that substitutability between AI providers will seriously constrain their ability to recover the massive investments they're making: www.nber.org/papers/w3595...
One thing driving the AI boom is this relatively unexamined conjecture, here stated as known fact: "It is a high-reward, winner-takes-all market,.." Says who? Progress thus far has yielded relatively good substitutes among firms. That means all this investment for little future producer surplus.