To my speculative thinking the downslope of this LLM hype bubble might be different shaped because of the underlying assets and geopolitical situation.
Securing data center land, contracts, water rights, and execution capacity doesn’t seem like a terrible position to have in a digital, cloud, ML, crypto, and ‘prediction’ heavy future. Especially for the big players who are also cloud providers who might capture big chunks of secondary growth even if they fail in their LLM effort (and ditch the hardware?).
The LLM stuff seems very over priced, but also Ukraine is making a million or whatever drones a year all with a need for ML-powered planning, routing, and terminal guidance. Elons space data centres seem kinda dumb, but in a world where Palantir needs to be tightly in the loop for orbital or near-orbital operations, or autonomous orbital defence... The worse things get in those ways the stronger the long-term positioning of the cloud giants to build or capture critical defence operations and associated spending.
We’ve learned Skynet as AGI won’t come from the tech, so the bubble gasses out. But Skynet as Skynets military is here, now, and the AI/cloud providers own key logistical elements, so the bubble loses gas slowly.