I broadly agree with you but the AI demand part is more nuanced. Demand is very large for consumer-ish apps like ChatGPT and Sora, but even Claude, which is huge for coding and arguably the best model right now, is tiny. I've had an interaction with someone nontechnical who, after seeing the Claude logo bounce, asked me why my ChatGPT had fireworks.

Yeah, the demand is there, but I have a hard time believing nontechnical people are clamoring for Copilot, they likely don't even know such a thing exists. The market is insane right now.