Does the frontier model still command a price? Settles
Did Nvidia, in its third-quarter fiscal 2027 results of November 18, 2026 (the earnings release, the 10-Q or the call), name OpenAI or Anthropic as a customer at 10% or more of revenue, or state the two labs' share of its revenue?
The answer is yes if the concentration note of the 10-Q, the release or the call names either lab as a direct or indirect customer at 10% or more of revenue, or states a share of revenue for the two labs together; no if the customers at 10% or more are described without naming either lab and no share for the labs is given.
Source: Nvidia Q3 FY2027 earnings release, call transcript and Form 10-Q (SEC EDGAR, CIK 1045810)
- The frontier is still paid The dollars stay at the frontier: run-rates in the tens of billions, the hard work routed to closed models, distribution that outlives parity.
- Open weights set the price Open weights months behind the frontier take the volume at a fraction of the token price; a price cut with tenfold usage reads as a price war.
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