They actually are compatible, because the idea of replacing workers with AI in large numbers isn't compatible with the kind of economic growth these valuations are predicated on. We are not living in pre-industrial revolution times, where most people are wasting huge human effort on food growth and physical tasks, having room to move into more white collar jobs.

So, if you have massive unemployment because AI really is cheaper than labor, you'll get a massive reduction in revenue for virtually every industry, collapsing all of these valuations. Even for B2B companies, Google isn't going to be making much money selling ads to unemployed people who can't afford to buy anything.