🤝 Theory Ventures: Are Foundation Models and Application Companies Friends or Foes?

🤝 Theory Ventures: Are Foundation Models and Application Companies Friends or Foes?
Theory Ventures examines whether AI application startups are vulnerable to being subsumed by foundation model labs as those labs move up the stack, or whether the two layers are more complementary than competitive. The post argues durable application moats increasingly come from proprietary data, workflow integration, and distribution rather than model access alone — a key consideration for fintech AI startups.
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