Tomasz Tunguz · 7 October 2026 · Investment Thesis

A Change in AI Strategy

Tomasz Tunguz, MD @ Theory

AI model commoditization—with prices down 41% and token usage up 50%—demands a strategic pivot: labs should partner and resell competing models, control distribution through user interfaces, and capture routing data to train cheaper future models.

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Topics: AI (Horizontal) · AI Infrastructure

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