Production of surplus value is what generally qualifies as a "job" — I certainly agree there is potential for tools to replace/augment any job we think of, but we'll simultaneously continue inventing new jobs.

Just like economies are mostly a service-industry today, a concept that barely made any sense 100 years ago.

Still, buying tooling companies' shares makes sense when that company has something which is hard for anyone else to replicate: but we are seeing that it really is not with a number of proprietary and open weights competitors who generally go head-to-head with minor differences in capability.

This only to say that believing valuations are unreasonable does not mean you can't even be an "AI maximallist" — but markets do not work in a simple cost/value-provided equation for a long time now.