On the models yes. All indications are models will basically be a free commodity soon.

On the datacenter side the closest analogy is the fiber buildout of the .com bust. While that fiber ended up being useful decades later it’s unclear what value a bunch of half-completed datacenters will bring if their owners go bust.

Half of the cost of the datacenter is the building, power, and cooling infra, and half is the silicon. Datacenter investments will depreciate faster than fiber, but the value won't disappear.

Holding value is contingent on whether a company can manipulate the regulators to create a lasting monopoly or expand the market dramatically. My suspicion is that at some point the investors will gravitate towards the latter by turning LLMs into more active participants in the economy