> ignorance, hubris, or something else People that think brains are fueled by magic tend to assume AI will never fully take off. > The dot com bubble was a bu

> ignorance, hubris, or something else People that think brains are fueled by magic tend to assume AI will never fully take off. > The dot com bubble was a bubble There is not a 1:1 relationship between how big an impact AI will have in the coming years and how it will impact the valuation of "AI companies". Even if the progress slows down, it's possible that some companies will find ways to monetize it in ways that generate immense profit, if they can create some moat. On the other hand, even if AI development takes off beyond expectation, it may be hard for companies like OpenAI or even Nvidia to continue to extract profit if they lose their moat. In fact, AI itself can potentially cause this, as a sufficiently strong AI may be able to remove most of the costs associated with developing new chips or AI models, to the point where the marginal value of intelligence and compute becomes really low.