[stnikolauswagne]

I agree with the general sentiment, but I feel like it is also a bit reductive. Assets in this space are near impossible to evaluate and can fluctuate in value greatly based on other actors. In a hypothetical scenario where, say, google releases a new frontier model that somehow leapfrogs the competition by 5 months all of a sudden the value of the Asset of Fable 5 and GPT 5.6 might completely crater.

[fsckboy]

bankers do not engage in "impossible to evaluate", they simply don't. bankers are reductive.

the rest of your post says "there's risk". equity and debt investors understand risk, and either engage or don't. If they do a poor job of understanding risk, they either get lucky or run out of funds to participate.