There's a difference between a good product and a good business. It's easy to see this is a great product but it's really difficult to see how it's a great business. All the traditional things we look for from great businesses seem to be absent here - they don't have network effects like facebook or uber, they don't have lock-in they way Apple has, and to a large extent they don't have the traditional economics of SAAS. They have a product that is interchangeable with 3 or 4 other companies, they have extremely high initial investment costs to train models, and it's not clear they can actually sell tokens for more than it costs to make them.

It's like the foundry business, an ever increasing cost of moving to the next node requires ever increasing scale which naturally kills off competition.