> But I actually think the majority of the backlash has nothing to do with stock valuations.

I think it exacerbates the points you make. "You mean, you want to take all the IP, immediately force the tech on us, maybe make my job redundant, and you want billions in funding for it!?"

You nailed it

This is exactly it.

AI companies are becoming a catch-all / symbolic lightning rod for "the ruling class".