The problem with generative AI is that its economics are more like steel. Metals used to be extremely valuable due to the amount of effort needed to extract them from ores, but eventually the steel industry matured and steel turned into a commodity with hardly any differentiation. You won't be able to back up your trillion dollar valuations if a competitor is going to undercut you.

You are comparing a toy that had no knowledge exchange, learning or improvement capability, or cult like enterprise adoption with LLM.... You might want to rethink your counter example

Thank you for proving my point. People waiting for a big, sudden crash must insist that the growth is driven solely by hype and FOMO. This is absurd. We’re talking about professionals with decades of experience using these things for hours a day in their area of expertise.