Models Come And Go, Powered Compute Is Forever: Goldman Says Hyperscalers Deserve Their Premium

Who has the best AI model? Ask again next quarter.

That, in a nutshell, is the message from Goldman's Rich Privorotsky (full note available here for pro subs), who after a week in which hedge funds dumped tech on an OpenAI revenue headline and Google reportedly started testing a model that could top Anthropic's flagship, steps back and asks which part of the AI stack actually has a moat. His answer: not the models.

The Horse Race: Google Back In The Saddle