What you're missing is how that value comes about. People seem to think it's an infinite fountain but it's more like strip mining the commons.

We also know that AI hype is holding up most of the stock market this point, including the ticker symbols which you don't think of as being for "AI companies". Market optimism at large is coming from the idea that companies won't need employees soon, or that they can keep using AI to de-leverage and de-skill their workforce