[oblio]

A lot of people are "printing revenue" in the current LLM economy, including, Nvidia, Azure, AWS, etc, the people selling shovels.

We have 0 proof that selling shovels is a sustainable business strategy since none of the gold prospectors are bold enough to publish GAAP + audited financial numbers.

Right now we have lots of people spending lots of money at the lower layers and none of the end-game companies, the ones selling to actual customers, private or companies, publishing any quarterly or yearly numbers that show that the end-state of current LLMs is profitability.

Keep in mind that Nvidia, Azure, AWS can't really pivot to something else once they can't stop selling shovels. Nvidia goes back to being a $10bn company selling GPUs to gamers and Azure/AWS probably see their earnings drop by a quarter or more if the AI bubble pops. At least shovel sellers during the gold rushes could cash in and invest in land or cattle or something and have long term sustainability.