The walled garden sure looks nice.Two seemingly contradictory but equally popular narratives about the future of foundation models have taken hold. In one future, AI centralizes: scaling laws will hold, and value accrues primarily to scaled, closed-source players. In the other future, AI decentralizes: foundation models have no moat, open-source has caught up to closed-source, and we’ll have many competing models.Today, both narratives seem true. We have powerful closed models, and a thriving ec...