[luke5441]

The correct analogy is IMO the railway mania.

LLM research will go back to (government funded) research labs with government funded supercomputers. All AI investment will need to be written off.

Running the LLMs the research generated will of course be possible, e.g. via AWS bedrock or alternatives. Initially there will be no "flat rate" subscriptions like currently (similar to early Internet), those will come once the prices are low enough further out. Running the LLMs is a low-margin business not justifying high multiples.