The risk is that the combined market caps of AI firms exceed 1 Trillion dollars now. This market cap is likely supported by several Billion dollars in Revenue,

The risk is that the combined market caps of AI firms exceed 1 Trillion dollars now. This market cap is likely supported by several Billion dollars in Revenue, but margins are debatable outside of NVidia due to capex/opex of inference, training, and data acquisition. These valuations only make sense if the future free cash flow of these AI firms reach the ~100 Billion dollar mark within the next 3-5 years. It's somewhat unclear what the path here is if one takes the position that a) 1 billion people are not going to spend 100/year on ChatGPT like subscriptions. b) White collar productivity is not going to increase by 80%.