Just look at software over the last 20 years. People pay based on the value they receive, not the cost the produce or serve it. That fact is literally is the backbone of tech, and why it has been an absolute money machine.
I think the worst case scenario for the labs is current (or next gen) SoTA models reaching a point where cheap consumer hardware can fully run them. But the labs practically have a monopsony on compute, and getting the kind of long context current models thrive on out of 16GB GDDR6 is gonna be a trick.
Another bozo who read a intro microeconomics textbook, learned a fancy word, and doesn't know how to apply it! LOL.
Wow you people on here are really funny.
Most people shouldn't open their mouths / write anything re. valuation TBH.