Okay lets suppose all those companies are profitable if training would stop today. What if token demand is shrinking ? I think big parts of the current demand is artificially build by e.g. FOMO and marketing without real value generated by them. There is no indication in economic data about some productivity boom resulting from AI usage. Next thing is Energy costs - that will soon eat into profitability too. I don't see how this bubble can't burst.

I don't think token demand will shrink because we're still just learning how to use it, demand will skyrocket. The problem is what price we'll be willing to pay for it, specially if competition keeps soaring.