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Can local LLMs be as useful and insightful as those widely available?

Why do people host LLMs at home when processing the same amount of data from the internet to train their LLM will never be even a little bit as efficient as sending a paid prompt to some high quality official model?

inb4 privacy concerns or a proof of concept

this is out of discussion, I want someone to prove his LLM can be as insightful and accurate as paid one. I don't care about anything else than quality of generated answers

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