I think it's clear now that the pace of model improvements is asymptotic (or at least it's reached a local maxima) and the model itself provides no moat. (Every few weeks last year, the perception of "the best model" changed, based on basically nothing other than random vibes and hearsay.)
As a result, the labs are starting to focus on vertical integration (that is, building up the product stack) to deepen their moat.