I honestly disagree (mostly). Sure, we might see some adjustments to valuations to better account for the expected profit margins; those might have been overblown. But if you had access to any dashboard inside these companies ([1]) all you'd see is numbers going up and to the right. Every day is a mad struggle to find capacity to serve people who want what they're selling.

The average response to that is "its just fake demand from other businesses also trying to make AI work". Then why are the same trends all but certainly happening at Cursor, for Claude Code, Midjourney, entities that generally serve customers outside of the fake money bubble? Talk to anyone under the age of 21 and ask them when they used Chat last. McDonalds wants to deploy Gemini in 43,000 US locations to help "enhance" employees (and you know they won't stop there) [2]. Students use it to cheat at school, while their professors use it to grade their generated papers. Developers on /r/ClaudeAI are funding triple $200/mo claude max subscriptions and swapping between them because the limits aren't high enough.

You can not like the world that this technology is hurtling us toward, but you need to separate that from the recognition that this is real, everyone wants this, today its the worst it'll ever be, and people still really want it. This isn't like the metaverse.

[1] https://openrouter.ai/rankings

[2] https://nypost.com/2025/03/06/lifestyle/mcdonalds-to-employ-...