There’s a race to the bottom happening with AI models. The frontier ones are still expensive, but more and more it’s the application layer — the applied AI sitting on top — that’s becoming the thing worth paying for, not the models underneath. Take Rogo AI. It’s now valued at over $2 billion (a fresh $175M round), and it’s used by the banking and financial-services teams at Goldman, JPM, BofA, Wells, and Barclays — 35,000 users and growing.