Earlier quoted context omitted.
> The valuations seem to be primarily based on the R&D progress There hasn't been much R&D progress, though. Sure, as another commenter pointed out, context lengths have gotten longer and chat models can interpret images now, but the industry figureheads have been pushing agents, and we're not much closer to those than we were two years ago when GPT-4 came out. Current models simply are not consistent enough to do th…
Recent results are showing exponential improvement in reasoning and dramatic decreases in the time and cost to train models. O3 now ranks 50th on code forces according to openai staff. Are you aware of all of this and still say R&D hasn’t progressed?
Again: Those are incremental improvements. The valuations are based on the promise that agents are just around the corner, and we just haven't seen the kind of categorical shift in intelligence that agents would require.