It’s important to keep in mind that railroads, airplanes, and the internet also caused bubbles.
Just because of an invention is useful and world changing doesn’t mean it won’t cause a bubble.
Just because of an invention is useful and world changing doesn’t mean it won’t cause a bubble.
Airlines are a great example - they are everywhere, nobody can imagine life without them, and yet they are yet to make any money ! Maybe they will figure it out before oil runs out on planet Earth.
As for Buffett speach - ther is a specific quote about airlines in it: "If a capitalist had been present at Kitty Hawk back in the early 1900s he should’ve shot Orville Wright"
And arguably your own statement here doesn't help the view that the industry is not a bubble, as one could argue most LLM models are not substantially different from each other, and most products integrating them are offering similar features. The industry may need to do better at differentiating if it wants to avoid being commodified.