That's exactly what people said when Deepseek V3 was released. Two years later the valuations roughly have quadrupled.
no one has had to pay back any of the loans yet. the valuations right now mean precisely nothing.
if these hold a year after an IPO then we can talk.
"the market can stay irrational longer than you can remain solvent"
Because we are still at the first stage of enshittification
"valuations" are irrational and make dot com _valuations_ look like a miniature caricatures