> China has basically commoditized LLMs

What do you mean by "basically"?

Why are Anthropic's and OpenAI's annualized revenue about $50B each?

LLMs need massive amounts of compute to compete, so I wouldn't claim that the great (and leading, and likely to continue to lead) LLMs are commodities end-to-end, even if the non-executing-at-scale LLMs files and IP are commoditized. The execute, the compute, that is what breathes life into the model, which is otherwise weak or dead.