Competitive maybe. Healthy almost certainly not. My definition for healthy industries is being able to fund operations and development either by revenues or debt. Not by continuously raising capital from investors and then burning it on hardware and operating costs.

> but data isn’t the deciding factor.

That remains to be seen. The fear is that Google can leverage its large search index to produce better LLM experiences and win in that market too.

It's not the deciding factor yet. You can bet the IP hammer is going to swing in again once the big players have been decided just to keep the small players out.