Kind of feels like the ride-sharing early days. Lots of capital being plowed into a handful of companies to grab market share. Economics don't really make sense in the short term because the vast majority of cash flows are still far in the future (Zero to One).

In the end the best funded company, Uber, is now the most valuable (~$150B). Lyft, the second best funded, is 30x smaller. Are there any other serious ride sharing companies left? None I know of, at least in the US (international scene could be different).

I don't know how the AI rush will work out, but I'd bet there will be some winners and that the best capitalized will have a strong advantage. Big difference this time is that established tech giants are in the race, so I don't know if there will be a startup or Google at the top of the heap.

I also think that there could be more opportunities for differentiation in this market. Internet models will only get you so far and proprietary data will become more important potentially leading to knowledge/capability specialization by provider. We already see some differentiation based on coding, math, creativity, context length, tool use, etc.