He's not wrong. Google is doing a nice job connecting Gemini to their various other cloud services like GSuite and Drive as well as new ones like NotebookLM. Microsoft's integration is improving but they have a lot of work to do.

This is a positive sign for the industry - if these frontier AI giants can’t begin flipping from -90% margin to a healthy margin on inference it will slow down reinvestment for innovation and ultimately raise foundational costs for all of us down stream.

I would guess Grok’s biggest customers may be Tesla drivers who can use it for navigation and shopping.