Pejorative for startups that package a thin layer of prompt engineering and UI around frontier models like GPT, Claude, or Gemini without owning the model, the data, or the distribution. William Hockey uses the term to describe a lot of what currently passes for AI startups in San Francisco: no defensibility, no Longevity, optimized for short-term story rather than durable business. The implied counter: the AI winners will be the distributors (Legacy Banking, incumbents) harnessing the tech, not the wrappers.