Two years ago an open model on this chart would've been near the bottom. The closed labs were generations ahead, and that gap was the whole reason people rented models instead of owning one.

Now GLM-5.2 sits at 51 on the @ArtificialAnlys index.
Open weights, Chinese lab, fifth overall. And knock Fable out of the list since it's not available, and the open-weights model is way closer to the top than its ranking lets on.
The pitch for closed was always the lead. Pay the API, accept the terms, build on something you don't control, because the model's far enough ahead to be worth it. That lead is now a few points, and GLM got there while being on the Nvidia chip cutoff list, which is even more impressive.
The premium was priced against the gap. The gap's nearly gone yet the premium hasn't moved.
Curious to see where we'll be in a year from now.