And the aforementioned edition of Second Breakfast: https://2ndbreakfast.audreywatters.com/financial-nonsense/ makes the further point that the demand that has driven actual AI use so far can be understood as demand for underpriced compute. How the companies were generating output almost doesn't matter to the economics of AI, because their users were effectively cashing in on work done below the actual cost of doing work. That makes it clear just how unsustainable the industry is, as it currently exists.