Dot com wasn't about the web, but about what could be done with it. Those who built something sustainable lasted, the rest couldn't. Just like the computer company bubble before in the 80s, where anyone could jump onto the new thing, but few lasted more than a year or so because they didn't have much beyond their beginning idea. The problem with using the for LLMs is that the product itself is questionable in nature, unlike computers or the internet. I have no doubt Anthropic will stick around as they were part of the innovation and still are, but that requires LLMs/AI as it exists now and the direction they continue to go to be viable. The line all of them spiel is it's a gateway to actual AGI, but anyone who understands the science knows that's not going to happen. At most LLM tech is used in part by AGI for forming its ideas and speech, but not the core.

So it's not a bubble like those others. But the tech itself is a bubble, as the attempts to force it everywhere to validate its investment cost fail.