I don't think people really understand that this market cycle is very different from the internet bubble because of all the strong earnings.

Well we don't know what the margins on AI models will be. If the proprietary models hit a ceiling pretty soon, then open source models and harnesses could close the gap, at that point it becomes much more of a lower margin business. And OpenAI and Anthropic will no longer be able to dominate as much as they are today. That would 100% affect their projected multi trillion valuations negatively.

But what about the high expenses?