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> they have a monopoly on the ad market

Only if you look narrowly at search ads, but really they compete with Meta, Tiktok and X for ad spend. And the quality of the LLMs is beside the point, just like search engine quality. ChatGPT has a near monopoly on 'AI' mindshare, with the general public.

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It’s worth noting that Google became dominant in the first place specifically because PageRank was deeply superior to the methodologies of other search engines.

Just because search engine quality is now quite low across the board (except perhaps Kagi) doesn’t mean that search engine quality was not once the determining factor to success.

What they mean is there's no moat in a SOTA model.

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