Exactly. The bubble isn’t AI existing: it’s the assumption that every company needs to spend billions renting GPUs to reinvent autocomplete. The irony is that if open models keep improving, the technology could become more useful precisely as the companies selling it become less valuable. Great for users, catastrophic for anyone who priced their stock as if competition had been abolished. - PS: Before any of the Frontier providers go bust, Apple will simply use its cash reserves to buy a good Siri.