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I agree, but at the same time the first automobiles that were invented in the 19th Century weren't any more efficient than the horses.
But it didn't take long for advancements to quickly make the automobile outpace the horse in every way imaginable.
The first mainframe computers used 200kw of electricity, too. Now we all have computers much more powerful than those mainframes in our pockets, that run on batteries with millimeter thickness.
Just because something is inefficient today it doesn't mean they won't become more efficient in the future.
I agree with you that it's a bubble. And as someone that lived (and worked) through the .com "bubble" I've seen this playbook play out. Altman was in 2nd grade when I was managing and deploying networks and servers.
But kids these days don't believe in history and they know they know everything.
