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$12B for a second rate service, and counting. I continue to be amazed by the speculative investment going into GenAI.

IME the amazing part is the amount of money. The same speculative behavior we see now has been going on for decades, just not at this magnitude.

The funding rounds are 1-2 (or maybe even 3) orders of magnitude larger than during the crypto hype cycle as a comparison.

They've only been going for a year. I think the idea is to use the money to become a leader.