Can U.S. Frontier AI Labs Survive a Price War with Open-Weight Models?

Kimi K3 set off an investor panic that Chinese open-weight models had caught the American frontier labs on price, and Ray and Peter walk through the business math showing why a real price war would gut Anthropic and OpenAI overnight, why the Chinese labs cannot afford to start one either, and why cost per completed task is the only number enterprise buyers should be underwriting