Even if the bubble pops and anthropic and openai et al implode - genie doesn’t go back in the bottle. The usefulness of LLMs for coding is proven, and a chip in a datacenter running 24/7 is always going to be more valuable than in a personal device running occasionally.

That doesn’t change until production capacity exceeds the datacenter demand. When that happens, they’ll start selling them down the market until it eventually reaches phones and toasters and whatever. But not in two years.

LLMs for coding is too small of a benefit to justify this investment, the bubble is indeed going to burst. Genie is already on its way back into the bottle.