I’m not actually convinced they’re a good hedge because the market cap seems to presuppose a lot of success.

Phrased differently, I don’t see how these companies could grow their equity like Google or Amazon did way back when without having full AGI and changing the entire world. They would need to become worth more than the entire world’s current GDP added up.

There’s a big range on the spectrum where AI does well enough to mess up your life but not well enough to make you even moderately wealthy.