The [Amazon, Microsoft, and Google cloud shift](https://www.marketwatch.com/story/amazon-microsoft-and-google-are-quietly-morphing-their-businesses-and-wall-street-is-missing-the-big-picture-c229ab27?mod=mw_rss_topstories) from pure compute to model distribution sounds like a revenue unlock — but it's actually the oldest competitive trap in tech. Once you distribute someone else's AI, you become a logistics player, not a margin player.

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