OpenAI's inflated valuation, as I understand it

[The only way for labs to capture enough value would be to either invent superintleligence or have a monopoly.]

[this study claims] that the length of tasks LLMs can complete is doubling every 7 months

[Models are currently commodified, but their labs are not priced as such.]

[If all 163 million working Americans bought a ChatGPT subscription at $20/month, it would provide 40 billion in annual revenue, which is only about 10% of what would
justify the current valuation based on more the traditional method using price to earnings ratio.]