Gavin Baker Kimi K3 Grok 4.5 Muse 1.1 AI inference margins

Baker names Kimi K3, Grok 4.5 and Muse 1.1 as rivals to the two or three labs pocketing near 90% inference margins.

Kimi K3, Grok 4.5 and Muse 1.1 lead Baker's list of credible frontier-model challengers.
He pegs today's two or three dominant labs' inference margins at roughly 90 percent.
Lower model-layer margins would spread value to power, chips, hyperscalers and software, he argues.

Why it matters: A margin near 90 percent is not innovation's reward, it is the rent competition has not yet erased.

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