Author is definitely correct in pointing out the incentives for companies to buy hardware. What the article misses is that there is in fact a reasonable economic incentive to not invest in software even if LLMs were not an economic bubble. It is that every single company is developing the same thing, there are many of those who even develop them as open source, and the ones that are closed as well as any company who would hire this guy, have a bunch of industrial spies inside anyway. Buying hardware may increase your moat, but developing software just rises the sea level.