It really does seem like a lot of the insane valuations are turning out to be exactly that.

There was a lot of trust within the markets that AI companies would be able to leverage closed models for permanent rentseeking. Deepseek proved that this is - at least for now - wishful thinking not based on reality. Similar for the "new dawn" of nuclear power for supporting increasingly more power hungry LLM server farms.

I'm certainly excited for the future open models. Interesting times indeed.