I think they are actually underpriced relative to "taking away" jobs. I personally believe ant at 1-2T is pretty reasonable if you consider claude to effectively be the "best devtool of all time," aka it literally writes all software for you.

I think (somewhat arbitrarily), to get to higher valuations, you are going to have to disrupt more than just the software business. Which is what most labs are trying with finance, biology, chemistry, law, etc. That might be enough for a few hundred billion in TAM more.

I think to get to a ~5T+ valuation, then we have to start thinking about AI meaningfully displaces classes of jobs, maybe in the single digit %'s. As in, _global_ SWE headcount starts going down, but revenues for software companies as a whole go up.

I think for ~10T+, you definitely need meaningful job displacement across most white collar sectors.