Coding facebook isn't rocket surgery either. Neither is Visa, Salesforce or many other tech-centric companies. Replicating their business model is.

Those are locked in by network effects. Path dependencies and suchlike can play a role. But... the upshot is that anthropic, open Ai and whatnot have the model people are using for work.

A government sponsored model isn't a bad thing to have, but I thing it's unlikely (but possible) that it will also be the product people want to use or the business that succeeds.

Whatever it is that leads to a $30bn run rate, growing >200%. Right now it's having the better model and being able to show how to use it in specific verticals.

But I suspect in the long run only platforms have high margins (and they will need margins not just revenues to justify their valuation). Are they becoming platforms? Google seems to think (or fear) that they might.