> If AI turns out to be a short-lived fad, a bubble that pops and we all laugh at in a few year's time

I think you can be even more precise here, because “AI” can be a wild success, and the Anthropic and OpenAI product strategy can blow up at the same time. Transformers, LLMs, and harnesses are all technologies with amazing utility like many machine learning methods before them. But there may be no moat that justify the current investments in “AI” - I would reckon if there is no proper moat for OpenAI and Anthropic they may be 100x (give or take an order of magnitude) overleveraged. That’s still a pretty catastrophic bubble given the figures we’re discussing.

VR still has a path to utility / viability. Meta (Zuck) just made an absolutely terrible product strategy around it. That can’t be overstated. Just atrocious judgement on display.