The numbers are stupid yes but it's weird to me that Meta is bearing the brunt of it while Nvidia, Amazon, Microsoft, Google, OpenAI, Anthropic and all the rest continue to be rewarded by investors. If/when the bubble bursts everyone is going down.

1. Meta has released primarily open models until now. 2. Meta's models have always been somewhat behind the cutting edge, and the gap has grown wider as of Llama 4. 3. The AI orgs at Meta are in well-publicized shakeups, so investors are naturally skittish about the chaos there.