Ed's main thesis is that cost is unsustainable for AI companies but this is clearly wrong.

The unit cost is going down and has gone down by more than 20-30x over the years. Sure, the fixed cost of training is going up but that's because of the implied returns. Once the returns to training don't happen, it would simply reduce modulo cutoff date updates. The companies have a choice to just stop training and focus on inference cost reduction.

What am I missing here? Unless the consumers decide that they are no longer willing to pay the same amount as before and their expectations are rising with prices falling, what else?