LLMs will remain, the tech is out there and plenty of open models and weights won't disappear with the demise of OpenAI and Anthropic.

However, the bubbe will cause severe economic troubles to several companies, not only tech - banks, pension and insurance funds that are buying into the datacenter hype will find themselves with no ROI once said datacenters come online. 1.65 fucking trillion dollars in debt isn't something that can be handwaved away, and that's the debt held by, effectively, a dozen companies that are failing to get anywhere near enough revenue, or growth, to justify that colossal spending.