If you thought this was a bearish view on neolabs, let me write the bull case. 1. Compute is a great case of Helmer's cornered resource. There is a window of time where you can acquire a lot of compute and capital. In the future, both funding might dry out or compute prices might continue to rise. It could get very difficult to compete. 2. Big labs will suffer from innovator's dilemma. They're unlikely to: a) deviate too much from their cash cow, coding b) ship anything that cannibalizes…