This is correct, it should burn the retinas of anyone thinking that OAI or Anthropic are in any way worth their multi-billion dollar valuations. I liked AK’s analysis of AI for coding here (it’s overly defensive, lacks style and functionality awareness, is a cargo cultist, and/or just does it wrong a lot) but autocomplete itself is super valuable, as is the ability to generate simple frontend code and let you solve the problem of making a user interface without needing a team of people with those in-house skills.

There are many more use cases that aren't fully realised yet. With regards to coding, LLMs have shortcomings. However, there's a lot of work that can be automated. Any work that requires interaction with a computer can eventually be automated to some extent. To what extent is something only time can tell.