It's easy to blame Dartmouth for its shortsightedness but they have a point. Education, including graduate school, is more and more resembling vocational training and anyone paying for it, whether an individual or the university via an assistantship program, has to calculate the return on investment. With the recent FUD created by LLMs for math research, it is reasonable to ask what kinds of careers math PhDs can now expect and whether the field can absorb the current level of math PhDs.