Just a general observation: The release of Gemini 3 showed how weak moats are for LLMs. As soon as a new LLM is better people start to move as they want the best underlying AI.
This mechanic might lead to a slowdown of the AI race as investors like Softbank might realize that a company like OpenAi is not a safe bet and potentially not worth such gigantic valuations.
If this happens valuation of Nvidia could come under pressure. For Meta it might be a positive because there could be at one point less capex in chasing AI supremacy.
If AI continues to evolve rapidly from here and AGI will become possible or people get replaced in large numbers by AI the story could obviously be completely different. But just based on current tech and capabilities the non stickiness of costumers could be a very large problem. How do you convince investors to invest billions of dollars if in the end all your Capex becomes greatly diminished or partially worthless if another company builds a superior model and people switch?