> Without credible open models, they only have a few customers, and those customers have leverage against nvidia. With open models, they have tons of customers, and nvidia has all the leverage.

I wonder if Nvidia is also trying to cover themselves against a market crash the bankrupts the AI labs but leaves the tech standing? (Similar to the dotcom crash or the big railroad crash back in the day.) If Anthropic and OpenAI struggle, Nvidia can always sell local inference hardware. But local inference hardware often has a lower utilization, so you need more GPUs for the same number of tokens.