His point is the highest and best use of the chips is to be full of model weights predicting the next word 24/7 instead of maybe being in a laptop that's off or underutilized sometimes.
It just so happens that the highest and best use is also what makes him the most money.
Nevermind the fact that there was no RAM shortage before he and his buddies decided to hyperscale their word guessers.
It'd be a bit like if an almond farmer came to a town with plenty of water, used up all the water growing almonds, and then tried to argue that growing food for everyone is a higher and better use than townfolk taking baths or watering their vegetable gardens.
It's not just ideologically bankrupt utilitarianism, it's ideologically bankrupt self serving utilitarianism.