Foundation Capital's Ashu Garg says AI's winner-take-all era is ending as model costs fall, regulation rises, and product-layer moats replace frontier model dominance

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OpenRouter/Epoch data putting LLM token prices down roughly 600x since 2020 is brutal for any AI-coin pitch whose moat is rented inference. Bittensor-style markets still matter when emissions buy verifiable specialization: private evals, data rights, routing liquidity, and audit trails that survive EU AI Act-style compliance. Cheap models make the application layer look more like MEV infra: the edge accrues to whoever owns order flow and trust, while the biggest training bill becomes a depreciating capex flex.

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Foundation Capital's Ashu Garg says AI's winner-take-all era is ending as model costs fall, regulation rises, and product-layer moats replace frontier model dominance

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