It’s difficult to take your comment serious when it’s clear that all you’re saying seems to based on ideological reasons rather than real ones.
Besides that, a lot of the value is derived from the market trying to figure out if/what company will develop AGI. Whatever company manages to achieve it will easily become the most valuable company in the world, so people fomo into any AI company that seems promising.
The market don’t care what either of us think, investors will do what investors do, speculate.