Closed AI products are starting to eat each other on price. GPT-4 launched in 2023 at $30 per million input tokens. By the time you read this, the equivalent capability sits below $0.60 per million tokens — a hundred-fold collapse in under three years. The same trajectory is visible at Anthropic, Google, and inside every Chinese frontier lab. None of the labs is happy about it. None of them can stop it. The capability has commodified faster than anyone with a private investor deck was prepared for. There is a temptation, watching this, to assume the AI age is therefore deflating. It is not. What is collapsing is the layer at which value used to be captured . The layer the labs spent ten years building. The layer where each company tried to be the place you went to talk to an AI. When a capability commodifies, value moves up-stack. That has happened with every great commodification before this one. The interesting question is what the up-stack layer looks like for AI.…