exactly. what are people who make these investments even betting on? it certainly is not revenue or dividends. so it can only be a bet the stock will go up faster than other less risky stocks.

and we continue to pretend that market generates any semblance of value.

> what are people who make these investments even betting on?

They they achieve AGI or a close approximation, and end up wealthier than god.

That's basically the bet here. Invest in OpenAI and Anthropic, and hope one of them reached near AGI.

But if you're an investor who doesn't care about the long-term value of the firm, all you care about is maximizing your return on future sales of the shares of stock.

Doing proper intrinsic valuation with technology firms is nigh-on impossible to do.