Companies are racing to develop the next generation of large language models (LLMs) as the battle for generative AI heats up. OpenAI's success with Chat GPT has attracted rivals seeking to challenge their dominance in the field. Canadian startup Cohere has raised $500 million in funding and partnered with Oracle, rapidly growing its revenue and valuation. Google, Meta, HP, Anthropic, and Mistral are also aggressively developing their own LLMs, while Microsoft independently works on foundational models. Open-source initiatives and a focus on ethics and accessibility are emerging as important factors. The future of LLM supremacy is predicted to involve a small number of broad foundational models and context-specific models.