Part 2/11:
Recently, the landscape of artificial intelligence has been undergoing a transformative shift, with the increasing prominence of agentic frameworks layered on top of foundational large language models (LLMs). A prime example is Replit, an agentic coding platform recently valued at approximately $3 billion, driven by $150 million in annualized revenue. Interestingly, critics have often dismissed such companies as mere "LLM wrappers," but that perspective overlooks the nuanced value they add. These companies are largely model-agnostic, capable of integrating various underlying models, and crucially, they are developing sophisticated agentic architectures that serve as moat—differentiators that protect their market position.