>the frontier labs are priced according to the narrative that they have produced or will in the very near future produce a fully automated drop-in replacement f

>the frontier labs are priced according to the narrative that they have produced or will in the very near future produce a fully automated drop-in replacement for most knowledge workers I think that's incorrect from the investment point of view. They'd still be worth a lot if they can produce a drop-in replacement but it takes five or ten years as long as they dominate that. The danger from an investment point of view is they become AltaVista, replaced by some Google that does the job better.