[malthaus]

you can't argue the valuation like that

the only way the valuation is put "in perspective" is if you estimate that we gonna have a race of heavy investments now to get to a point where the models are "good enough" and you no longer need to invest in training new ones, at which point you switch from running a immensely unprofitable business to a immensely profitable one.

the issue is that nobody knows when that will be the case (if ever) and it currently looks like whoever player is best equipped with capital to fund that race will have a winner takes all future ahead so you just place all your chips and hope for the best