Surprising this is the first time I’ve seen anyone say this out loud.

Because it doesn’t make sense. The reason there’s a bubble is investor belief that AI will unlock tons of value. The reason the bubble is concentrated in silicon and model providers is because investors believe they have the most leverage to monetize this new value in the short term.

If all of that stuff becomes free, the money will just move a few layers up to all of the companies whose cost structure has suddenly been cut dramatically.

There is no commoditization of expensive technology that results in a net loss of market value. It just moves around.