TLDR: AI companies are facing increased competition and slower technology gains in the field of generative artificial intelligence (AI). Large language models (LLMs) that can produce and summarize text are becoming less unique, suggesting that competition will intensify. Companies such as OpenAI, Google, Cohere, and Anthropic are all developing similar technology and scraping the same data. However, progress in LLMs has slowed down, and gains in efficiency and performance are not happening at the same pace. Legal issues, such as training on copyrighted material, and concerns about data security and privacy, are also challenges for generative AI companies. Open source models are becoming more popular due to their cost advantage, but companies may still take a hybrid approach by using a mix of different technologies. Overall, the market for generative AI may not be as big as expected, and margins may be thin due to the lack of a significant competitive advantage.