I get your point, and mostly agree, but the companies developing closed models are sometimes selling data center services to the real miners - the SV startups that are building products with AI, who are burning a ton of money on tokens. The data centers are making a profit, and will mostly be fine when the bubble pops. So Nvidia is clearly a shovel seller, and SV startups are clearly miners, but the analogy starts to break down when you look at Google, MS, etc.