Yes the problem is not whether LLM have value, but whether they will add enough value in the next two three years to pay for the hundred of billions of trillions needed to match the expectations. OpenAI has to find more than a trillion by the end of the decade, project Stargate still has 500 billions to find, etc. Also add fast depreciation on everything invested. The ZIRP playbook of building a monopoly for years before turning a profit cannot work here, models are commoditizing fast so no moat there either, and capabilities as a function of compute have plateaued.