What if a few AI companies end up with all the money and power?
- 4 hours ago
- 1 min read
NOAH SMITH — The rise of coding agents isn’t just changing the corporate horse race; it’s changing the whole picture of how we think about competition and profit in the world’s most important new industry. In a post last December, I wondered if AI would end up being a vitally important but low-margin business, similar to solar power or airlines:
That’s still possible, of course. Fast followers, including Google and various Chinese model-makers, are still racing to catch up; if progress slows down, they may catch the market leaders and drive down margins. It’s still not clear how much of a “moat” AI has, even with agents.
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