there are plenty of people who basically believe this is the end of the human economy - there will be nothing left that isn't done by AI in the future. Even the bits left that humans do will be human facades on AI driven activity (like your hairdresser will be viewing you through AI powered glasses using AI powered scissors etc).

So from that point of view you can indeed look at it as the entire value of the economy should be invested into AI companies.

At some point in American history you probably could have said the same about railroads.

> it's apparently worth more than products Americans constantly buy and rely on for their main life

What are you counting in this category?

The valuations on AI companies are a bet on them capturing enough of the $60 trillion annual wages paid to people to have a good ROI.

I'm not sure exactly what kind of point you are making but the valuations are at least nominally based on the expected value of the business far into the future and aren't comparable to, say, purchases done over a year despite both being denoted in dollars.

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Stocks vs Flows! You can't compare (as in subtract and check sign) $ and $/s!

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