Yet the market can remain irrational for much longer than we can reason about.

The numbers are, as you (and Ed Zitron) point out, bananas, and the financial house of cards will collapse -- but there is enough fin-de-siecle chaos happening right now that anything is possible.

AI seems to be particularly useful in murdering people, so, for example, if there were another globe-wide hot war, it isn't clear to me that Altman et al don't virally weave themselves into the DNA of the state, both in the USA and in its adversaries.

In which case, the "bezzle" continues until the state collapses, whenever that is (depends who wins the war ;D)

The original sin of any modern forecast is proceeding from reason and sensibility. Now is the hour of the batshit.