Comment by akrylov

It's not "AI bubble" - at this point it's a software bubble. It's Antropic or OpenAI that should justify their valuations, they have close to billion customers at this point. It's non-AI software companies without strong cloud business that must justify why their core product is not going to be replaced with the help of LLMs. It's not "fair" but that is how it's seen by the Wall Street.