Who Owns the Generative AI Platform?

Notes:

1. Early Tech Stack Emergence: Generative AI is at the infancy of its tech stack development with startups creating foundational models and AI-native apps.

2. Real Market Gains: Generative AI is making strides with models like ChatGPT and applications achieving significant revenues within a year of launch.

3. Value Accrual Uncertainty: It's unclear where the value will accrue in this market, though infrastructure vendors seem to be gaining substantially.

4. Generative AI Stack: The stack comprises applications, models, and infrastructure, each with distinct roles in the ecosystem.

5. Retention and Differentiation Struggles: Early generative AI apps face challenges in customer retention and product differentiation, impacting sustainable business growth .