> When there's a lot more insidious circular complicated shenanigans going on that gets collapsed by this framing.

All that is discussed in the video, plus those distinctions. And most important, that AI revenue would not exist...if OpenAI and Anthropic would not be funded, by the same Amazon, Google and Microsoft they are buying it from!

We now have several voices saying the same:

"Aswath Damodaran: Big Tech Has No Idea How AI Pays Off" - https://news.ycombinator.com/item?id=49229981

"Why Wall Street Is Ignoring Big Tech's Debt" - https://news.ycombinator.com/item?id=49230630