AI Competition Shifts to Post-Training: Products as New Data Moats

dotey · x · 2026-08-18

A Goldman Sachs report notes a shift from scaling parameters to post-training, as seen with GLM-5.3. A key insight is that products like ZCode act as data flywheels: real-world user tasks generate execution traces that fuel future model training. Valuation now depends on conversion rates across model capability, usage, and revenue.

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