The Ledger
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Baker: Google surpassed OpenAI and Anthropic in total AI traffic
“I think they've taken 15 or 20 points of traffic share in the last two or three months, and that does not, that's just traffic to Gemini. It does not include search overviews. I suspect on a actual traffic basis, Google is bigger than OpenAI, Anthropic, anyone…”
Operating Cash Flow Funds the Majority of Current AI Infrastructure Buildouts
“Even today, a majority of this is still being funded out of operating cashflow, which I think is really helpful.”
Top GPU spenders gained 10-point ROIC increase after raising AI CapEx
“Those companies, since they ramped up CapEx, have seen, call it a 10 point increase in their ROICs. So thus far, the ROI on all the spending has been really positive.”
Open-Source Models Require the Same Compute as Equivalent Frontier Models
“It takes the exact same amount of compute. All else equal to make an open source token as a, you know, frontier token for a comparably sized model. Now there's a lot of nuances there, but that's broadly true. It's just a question of what are the margins that a…”
Kimi Model License Demands 30% Revenue Share on Downstream Usage
“And even then the Kimi license, something that I don't think a lot of people appreciate is the Kimi license stipulates a 30% share of any revenue. So, like, Kimi has taken a 30% cut of all the revenue generated on its, and this is because it's open weights, no…”