I'll accept Meta's frontier AI demise if they're in their current position a year from now. People killed Google prematurely too (remember Bard?), because we severely underestimate the catch-up power bought with ungodly piles of cash.
It's insane numbers like that that give me some concern for a bubble. Not because AI hits some dead end, but due to a plateau that shifts from aggressive investment to passive-but-steady improvement.
