I believe their argument is: What happens to the value of that infrastructure when the value of the models is commoditized or more specifically, when everyone can run the "Good enough" model on their phone or laptop, instead of on Anthropic/Spacex/Google/OpenAI owned hardware?

Its a fair one to make both ways imho. Clearly the compute is being used for value generating purposes. And also clearly higher tier models are becoming runnable on local hardware.

(edit) I think also a comparable argument could be: What happens to the value of all that infra when the model is so commoditized, that Apple can delegate the more compute expensive tasks to whichever service is the cheapest on that day? Is Anthropic still valuable if they need to drop the prices of their models by 10x?