In short: A US-based startup using the same low-cost techniques as the Chinese modelers — his proof the pricing pressure survives even if Chinese models get banned; Microsoft is building its own low-price models the same way.
Reflection is a US startup using the same "do more with less" efficiency tricks as the Chinese labs. Fred cites it to make a point: even if the government banned Chinese AI models on national-security grounds, the price war wouldn't stop — American companies (Reflection, and Microsoft building its own low-cost models) can undercut the expensive frontier models the same way. Cheap AI is here to stay.
38:50multiple, there's many of these Chinese LLM makers, they could outright ban them, ban their use. It is possible, if that happened. However, Microsoft is starting to use the same techniques to build their own low-price models. There's a company called Reflection that's US-based that is very similar, using the same techniques that the Chinese modelers are using.
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