model capability is commoditizing. context is the new moat.

beyond verticals like coding, model capability is now deeply commoditizing. anyone can rent the frontier or spin up their own. context matters more than ever before (which is why you're seeing stuff like thrive holdings).

ppl have obviously argued this for a while. but you're now watching the market execute, which is a different thing than a thesis on a whiteboard.

pretty interesting to see this as kind of another natural evolution of the ai era.