Dylan Patel says Jane Street and Meta are capturing most of the value of AI, not OpenAI and Anthropic "Most of the value that these models generate does not get given to OpenAI and Anthropic. Thankfully, so far, it is mostly just being given to the users." "Jane Street, with their exclusive contract with OpenAI for GPT-5.6 ultra fast mode, they're also one of Anthropic's biggest customers, is generating way, way, way, way more value out of the tokens they're paying for than Anthropic is generating in terms of profit. Because they get to make money off the market." "Or Meta, who at one point was rumored to be as much as 10% of Anthropic's business, they're generating way more efficiencies by optimizing their ad algorithms, getting engagement time 5% longer, all these things. They're making way more money off of using these models than Anthropic." "Where does the value go in AI? You've got the end user, which I think we all agree is generating more value than anyone else. But then you've got the app layer. So far the app layer's generated very little value.” “And you've got the model layer, which up until a year ago was generating negative gross margins and is now generating massive positive gross margins, on the path to $100 million per megawatt." "But if we go back a year ago, the hardware supply chain was generating all this gross margin while literally everyone else was losing money. So the value capture has shifted around a lot."