Yes, LLMs have been a very expensive philosophy lesson for many investors. Ancient epistemology debates are now front and center for everyone to see. So-called "formal epistemology" is just empiricism in disguise attempting to borrow the credibility of rationalism and failing miserably.
LLMs are Bayesian inference and come with all its baggage. We definitely know brains are way better than that, even of other animals or insects.
Ultimately, there's no point in getting a chatbot to say deceptively expert-like words that are guaranteed by design to be lower quality than the books or blogs it learned from. LLMs are at best a search tool for those sources, and investor attitude now reflects that sanity with their confidence shifting back over to Google's offerings. Agentic AI is also pretty weak since agents are as functionally limited as any traditionally written computer program, but lacking the most crucial property of repeatability.
I find it shocking how many people didn't see this whole thing as a grift from day one. What else was SV going to do during the post-covid economic slump?
