If open models become "good enough," investors have wondered whether hyperscalers might need fewer Nvidia Corp. chips, fewer AI clusters and ultimately less capital expenditure. In a research note published Wednesday, Arya indicated that while open-weight models continue improving rapidly, proprietary—or closed—models still dominate where the highest-value AI workloads reside. Don't Miss:Why Closed Models Still LeadThe growing enthusiasm around open models accelerated after Nvidia CEO Jensen Huang publicly endorsed broader access to AI through open-weight models. "We believe frontier leadership still sits with closed models today," Arya said. "Closed models still lead most of the industry standards as well as adoption curve," Arya said.