Predicting the next token well is indistinguishable from intelligence. The bubble is financial, as you point out, just like railroads, radio and dotcom bubbles were. The technology didn’t die, only the companies did. LLMs are in the exploit phase, that doesn’t mean there isn’t more to explore and there may be an architecture-hardware combination that takes us an order of magnitude or two higher in a step-function-like fashion just like LLMs did 2024-2026.