The boom-bust cycle of tech is well known, and the AI one we're going through is one of the most clearly prepared for I've ever seen. Microsoft in particular is set to cash out once the bust goes through, the terms of their investment in OpenAI is such that when they bust they essentially get the whole company with no fuss. Meta is the only company that seems to be hugely exposed to failure once the bust happens (massive investment but little to show for it, the rest of their company is hurting very badly) but they're the only company I can see actually being hurt. And I'd be surprised if they actually disappear, I'm sad to say.

The only thing that could actually hurt these companies is if Chinese technology is allowed to flow freely into the US, and the government is going to step in before that happens. This will fuck over everyone but major tech companies.

I will always wish for consequences, but I'm not expecting them this time.