The paper explores how Generative AI intersects with Competition Law, focusing on Foundation Models (FMs) and Large Language Models (LLMs). It examines industry dynamics and identifies key competition issues like entry barriers, tying, leveraging, and acquisitions. It highlights the supply chain's importance and looks at how FMs are integrated into search software, chatbots, and productivity tools, particularly noting entry barriers such as computing power and data collection. It suggests that FMs might require new approaches to market delineation, possibly creating a separate relevant market for data. The paper also discusses various cases pertaining to tying and leveraging and highlights the difficulty in proving tying due to the blurred lines between traditional search engines and AI chatbots. It illustrates how competition assessments for acquisitions may require changes due to data being a highly flexible commodity for the industry. The paper concludes by calling for increased scrutiny and regulation for the industry.