The real question was never the utility of LLMs.

Is the explosion of this little personal utility apps worth the multi-trillion dollar investment?

Anthropic's published accounts will tell the story. I find the current implementation of agents on top of LLMs pretty fantastic as software tooling. I really hope they're here to stay. But that's not the story sustaining all this trillion dollar companies building, running, renting GPUs and "frontier model" development. The real question is: will this technology transform the economy (or at least the economics of software?).

So far I'm tending to see it as a continuation of the cloud play: incentivize ever more inefficient use of ever more expensive compute. Just look at the valuation of public "tech companies" over the past 10-15 years.

I'm excited to see how it all turns out, but I don't see another decade and a half of exponential growth in profits and stock prices. Feels like a historic peak right now.

Sure, I'm not making a comment on the viability of the industry in general. I'm just saying that at least with the pricing and ecosystem we have today, AI apps have a leg up on customization, which can beat out good design a lot of the time.