AI is this cycle’s QE

This begins to look like a Chinese capitalism - state led and operated by the government.

The thing about Chinese capitalism is that the industry actually grows and becomes profitable

Yep! It’s all unsustainable. But the genie is out of the lamp, now. People won’t go back. So this will drive innovation on smaller models that can dynamically load in more or less experts, allowing frontier-quality results on consumer grade hardware. At the same time, unified memory architecture will become more prevalent (like Apple’s machines and AMD’s Halo Strix line). All of this unsustainable bullshit will just create great incentive for decentralization. When AI is open and decentralized… well…it’s like handing encryption to the masses. There will be mass empowerment. Most won’t see it or know it, but it will be there.