Why the industry’s next winners may not be the companies building the models. The Industry Is Asking the Wrong Question The technology industry has found a new proxy contest: whether OpenAI or Anthropic will become the first major AI company to reach the public markets. The story has acquired the familiar rhythm of a platform race: whoever arrives first is assumed to define the category. But being first to list is not the same as being best positioned to capture the market. An IPO is a…