Is it? There's certainly $1T of other businesses built with the internet, but the internet business, itself, was rapidly commoditized. The valuable things were

Is it? There's certainly $1T of other businesses built with the internet, but the internet business, itself, was rapidly commoditized. The valuable things were the applications built on it, not the network. The argument here is that nobody's found the $1T applications built on AI foundation models yet, but OpenAI is valued as if they have, because their demo chatbot took off out of peoples' curiosity and people are extrapolating that accident exponentially into the future.