In the dot com boom there were companies spending like $100+ on ads per $1 of revenue. The cost of customer acquisition was insanely high because of the hype of ecommerce and it was being subsidized by VC and IPO's.

This AI boom feels similar, a lot of hype and the AI usage costs are being subsidized by private equity/VC so far. IPO's are supposed to happen this fall for OpenAI and Anthropic. They're going to have to face the music of corporate governance, accounting rules, reporting revenue, earnings, etc. Subsidizing users seems unsustainable, they need to either jack up rates or downgrade usage per plans. Then there is the circular investments between all of them and Google, Microsoft, etc. Seems like a house of cards.