> if the AI maximalism turns out correct (which is needed to justify the valuations)

AI maximalism is a Silicon Valley religion. You don't need anything close to it for some of these valuations to work. (Anthropic would be worth ~$500bn at Google's IPO multiple on revenue [1]. Anthropic is currently growing 6x faster.)

To be clear, I think these valuations are rich. But the notion that AI maximalism is required to sustain them is just false. $1.5tn sits comfortably on about $60bn of earnings, which with Anthropic's gross margins requires on the order of hundred of billions of dollars of revenue. That's super ambitious. But not Anthropic is the economy ambitious.

[1] https://news.ycombinator.com/item?id=50247011

[2] https://www.multpl.com/s-p-500-pe-ratio