> OpenAI is racing against two clocks: the commoditization clock (how quickly open-source alternatives catch up) and the monetization clock (their need to generate substantial revenue to justify their valuation).

Also important to recognize that those clocks aren’t entirely separated. Monetization timeline is shorter if investors perceive that commodification makes future monetization less certain, whereas if investors perceive a strong moat against commodification, new financing without profitable monetization is practical as long as the market perceives a strong enough moat that investment in growth now means a sufficient increase in monetization down the road.