They are pricing as a first mover AGI monopoly that makes no sense. I think the core mistake is this partial-equilibrium reasoning. Take the new technology and

They are pricing as a first mover AGI monopoly that makes no sense. I think the core mistake is this partial-equilibrium reasoning. Take the new technology and then hold everything else fixed. $40 trillion of knowledge work routed unchanged through a new toll booth. Profit. This has nothing to do with reality. Nvidia on the other hand does have the CUDA monopoly so their toll booth is printing money but that will get routed around or broken at some point.