Yeah, Anthropic is inarguably in a better position, but I don’t see how they justify their fundraising unless they find some entrenched position that is difficult for competitors to replicate.

Enterprise switching costs aren’t 0, but they’re much less than most other categories, especially as models mature and become more fungible.

The best moat I can think of is a patentable technique that facilitates a huge leap that Anthropic can defend, but even then, Chinese companies could easily ignore those patents. And I don’t even know if AI companies could stick to those guns as their training is essentially theft of huge portions of copyrighted material.