Oh for sure, this was a simplistic analysis assuming AI adoption caps out at some X% of job responsibilities where X << 100%.

Unfortunately, I fear that may not be the most likely outcome. I've posted some comments on this before, but when I start thinking about how deeply everything will change once people figure out how to properly leverage AI, I see no outcome other than significant, widespread job losses.

As you indicated, at that point we will have much a bigger problem than the valuation of the AI industry. I'm not sure how it will get solved, I just know it will HAVE to be, because it would be an existential problem for everybody: people, governments, even the billionaires! Because now consider the 3rd order effects: if nobody can buy the stuff that's produced, how can billionaires get even richer? ;-)