Acharya: Model aggregators will beat single-model AI labs in consumer categories

“In many categories, being an aggregator of models is actually preferable to consuming just a single model. And the metaphor that we're all familiar with here, of course, is airlines. It's much more useful to search for a flight from SF to New York on kayak, because I can look across the inventory of every airline. Versus just going to Delta United and looking at their inventory alone. The same thing is true in categories like vibe coding or creative tools, where you really want access to all of the models, and the reason for that is the models each have their respective specializations, so they're not exact substitutes. You want to work with them all, you want a single pane of glass, and the labs and big tech companies can sort of definitionally only use their own first party models. So this is why we see the aggregators winning, and it's an important trend and sort of investing principle for consumer AI.”

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