Reasoning
Meta has demonstrated rapid iteration capability with Llama 2 (70B) achieving competitive performance with Llama 3 (405B) showing substantial improvements, and the company has committed significant resources to LLM development with quarterly AI infrastructure investments exceeding $5B. GPT-4's dominance on benchmarks like MMLU (88.7%) and coding tasks is substantial but not insurmountable—Llama 3 already matches or exceeds GPT-4 on several metrics (math, reasoning), and with 18+ months remaining in 2026, the trajectory suggests Meta can close remaining gaps through scaling, architecture improvements, and training innovations. The main headwind is that OpenAI may also advance GPT-4 capabilities during this period, creating a moving target.Key uncertainty
Whether "GPT-4-class capability" is defined as matching the original GPT-4 (released March 2023) or any evolved GPT-4 variant OpenAI releases before end-2026—this definitional clarity would shift probability by ±15 percentage points depending on interpretation.