It seems like everyone investing in AI companies that isn’t a cloud computing company or a government is paying a giant premium to participate.

AWS, Google, and Azure get to recognize a big chunk of every dollar invested as cloud computing revenue. Governments value their investment in terms of defense, cultural, and technology dominance.

Everyone else is paying prices set by AWS/Azure/GCP and gov, while getting a fraction of their benefits. Am I missing a factor here or is the market distortion really that great?

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