The counter point to this is Apple who have not invested barely a dime in LLMs. Their stock price has not been crushed at all, quite the opposite in fact. They focus on the good stuff. Perhaps that's the luxury of living off the vision and leadership of someone who died many years ago.

Personally I believe the stock market is incredibly, incredibly shaky. Investors are now in full-fear mode, it doesn't matter what news Nvidia etc print - if customers of OAI and others, are not seeing a meaningful INCREMENTAL increase in revenue generation or increase in cost-reduction (aside from white-washing it with lay-offs from insane hiring in the past).

RE. stupidity - it is stupidity for the most part. Without the stupidity in quantity of demand, there is no market for LLMs from enterprise et al.

Wanna know how stupid it is? Someone I know who works at Blackrock as a portfolio manager pretty high up is all of a sudden being forced to learn how to code and use LLMs to code. Yes you heard me right - this behaviour is expanding out of the software engineering profession.

Its absolutely nuts.