.@martin_casado makes the argument for and against the frontier labs owning everything: "Why will the models win everything? The first one is we've got three years of data, and they own 95% of the market. They have the majority, certainly dollar-weighted, of revenue." "Their ability to raise capital is just unbelievable. They can turn that capital pretty directly into growth, which we've very rarely seen. OpenAI and Anthropic have raised $220 billion. That's more than the entire downstream…