> that hardly anyone wants.

People continues to mis-weight the benefits of AGI / LLM or in the case "graphics card maximizers". It is precisely because of this, we can continue to extend semi-conductor improvements for at least another 5 years, brings in 1200W CPU in server and liquid cooling along with new DC and Rack design 5 years earlier. Partly continues to fund Gaming GPU where the industry itself were not able to sustain it. New improvement to Networking Gear due to heavy use of LLM. HBM profits that drives current EUV DRAM innovations.

As far as I can tell, I see very little down size to all these investments where Big Tech would have spent those money on stock buy backs or dividends.

And this is assuming AGI really is a bubble and brings little to no productivity, and exclude all the improvements that is adjacent to it.