My viewpoint also shifted around the shape of the bubble. The technology isn't going away, obviously, but the valuations of these companies like OpenAI and Anthropic feels divorced from reality. Inference continues to go down, most folks don't need frontier models for common tasks (including coding), and local models provide a competitive edge in several domains the frontier labs cannot (namely value and privacy). Combined with demand still largely subsidized and the companies being deeply unprofitable, and I just don't see the investments in Anthropic or OpenAI or the sort actually paying off. That is the bubble I'm concerned about, not the tech itself.
...now when the debts get written off and all this compute is just sitting around idle, available for bottom-dollar prices to try and eke out any sort of ROI for whichever creditor(s) inherit the assets? That's going to be pretty cool times.