a new valuation model .. or is it simply a wrapper on an old model?

The promise of AI is that it will replace the human workforce ... but if they replace the workforce who will buy and use AI services .. just like the dot com days it was eyeballs, which turned out to be not a good measure.

AI will replace the human workforce, but not the entire workforce; you need people to purchase goods and services or use Google and Meta for free - aka demand .. and they can only do that when employed .. tech is already a 3rd of S&P500 and its rising because of the promise of AI to replace humans with machines .. how far you think they can stretch; ie. where do the valuations go from here..?

In order to keep the hype, companies are not only selling the promise, but also investing in each other, as seen lately .. which i call a fake currency; ie same capital is counted multiple times .. just like stock options were used to invest in companies in dot com days .. a common theme across all bubbles..!