I used to agree with you but now do not. I now think the floor for this market is probably no worse than the annual revenue of cell phone plans in the US market. So say, $250 billion.

Now, that probably doesn't justify the valuations and hype being thrown around, but I think it gets at a real revenue number.

I also don't know how that number fits into the funding rounds already raised and VC dreams of IPOs for these two.

This isn't coming from deep analysis on a verifiable source, but I started asking people in my social circle (includes white-collar and blue-collar folks) about their LLM use. The biggest surprise in 2026 for me was that almost all of these people told me about regular (and sometimes sophisticated) use.

A more intriguing observation - I work on the side with high school students and have two college kids of my own. Their LLM usage (and their peers) is much, much lower than expected . . . that's a little counterintuitive given "popular" perceptions I read.