I don't know how to make sense of this level of investment. I feel that I lack the proper conceptual framework to make sense of the purchasing power of half a trillion USD in this context.
Maybe your calibration isn't poor. Maybe they really are all wrong but there's a tendency here to these these people behind the scenes are all charlatans, fueling hype without equal substance hoping to make a quick buck before it all comes crashing down, but i don't think that's true at all. I think these people really genuinely believe they're going to get there. And if you genuinely think that, them this kind of investment isn't so crazy.
All? Quite a few of the best minds in the field, like Yann LeCun for example, have been adamant that 1) autoregressive LLMs are NOT the path to AGI and 2) that AGI is very likely NOT just a couple of years away.
It may be a distinction thats not worth making if the current approach is good enough to completely transform society and make infinite money
Hard to predict!
If we've already hit it, this has already been a very short period of time during which we've seen incredibly valuable new technology commercialized, and that's nothing to sneeze at, and fortunes have and will be rightly made from it.
If it's in the near future, then a lot of people might be over-investing in the promise of future growth that won't materialize to the extent they hoped. Some people will lose their shirts, but we're still left with incredibly useful new technology.
But if we have a long (or infinite) way to go before hitting that inflection point, then the hype is justified.