I think Anthropic/OpenAI do have a moat in the (western) enterprise market. Chinese hosted models are a no-go, and my experience with enterprise IT departments is that they will not self-host. So far signing up with a known product (e.g. Claude) seems to be the way they will go and this is the moat that the AI companies have. Alternatively there is Copilot, but that for now seems to mostly be backed by Anthropic/OpenAI models[1].

Will this continue? The field is moving too fast to tell. Kimi, Qwen, Deepseek also produce very capable models but that doesn't automatically translate into trillion dollar valuations.

However, trillion dollar valuations on Anthropic and OpenAI, such new companies, never publicly traded and such huge valuations decided just by investors. This is just asking for trouble.

1. https://docs.github.com/en/copilot/reference/ai-models/suppo...