Well, first of all, these are not one off purchases. GPUs do break and newer generations come out rendering the old GPUs outdated. I don't know if the 2.08 figure is very valid. This is based on costs of leasing GPUs from companies that may not be making money on the lease deal. What I do know is that Anthropic weren't profitable in Q3 and I'm hearing rumblings they are losing even more money in Q4.

Also Popeyes never had over $800 billion in uncancellable compute agreements. And I'm glad you're having fun with GPT, but I've moved all my projects to use DeepSeek 4.1 Flash. There are plenty of different providers. And as I use OpenRouter the change is one line.

The reason I think the PE ratios are lower than previous bubbles are because everyone already knows its a bubble. Also all these tech companies already have massive businesses and AI is not going to change that.