> but today's leaders are generating very big cash flows => a valuation reset and a business collapse are two very different things

All the new entrants have no existing revenue base like Google and Meta do, and these new companies are heavily funded by investors.

Any self respecting current AI company appears to be worth north of $1bn from day 0... based on investment valuation.

As long as the investors get THEIR money back, they won't care about a collapse.