Show lane Model-layer risk
Why growth and chip-aligned capital converge on the AI-video category leader AI-video category leader (Higgsfield) ~15 months, real usage first large revenue base multi-model core Growth crossover prices winner-take-most enterprise spend pool retention gate usage revenue scales unhedged risk Chip-aligned capital GPU demand per render any winner, still fires deflected at shield risk reaches compute GPU demand hedge decouples chip capital from model-level risk Model commoditizes own + 3rd-party models no model owns the moat two logics, one price Same price, same round reported ~$5B