After AI consumes everything, what remains untrainable?

Introduction: As AI capabilities continue to advance, a new pessimistic view is emerging in the investment community: as models grow increasingly powerful, all application companies will eventually be absorbed by model and compute layer players like Anthropic, OpenAI, and Nvidia, leaving only cutting-edge models, compute resources, and a handful of infrastructure providers in the market. But Sarah Guo believes this assessment is only half right. Those “thin wrappers”—applications that simply layer on top of models—will indeed be absorbed, and any tasks that can be measured by benchmarks, trained on public data, and validated at low cost will gradually become commoditized.