> The sell is the development tool.

I've been calling that out for a couple years now. LLMs best and most viable use case is still just as a dev tool. Even for non-programming tasks, I still get better results from the LLM if I instruct it to write code to do the task...look at Claude Cowork for example, it's everything I used to do with python myself. It's not really a novel capability, it's just using python & bash for automations that any sysadmin has been doing for decades. Yeah, that's valuable for a non-techincal audience but is it $1T valuable? I don't think so.

When has an IDE or other dev tool ever commanded a $1T valuation?

These things get lost in discussions because people conflate "overvalued" with "not useful." LLMs are useful, particularly as dev tool, but Anthropic & OpenAI are definitely way overvalued.