A couple of years down the road, their useful applications still are summarizing text, transferring style to text, generating code under strict supervision, and generating images that need retouching.

That’s a lot to get out of a tool, but it’s dubious that investors were pouring trillions of dollars into these things thinking of automating away junior software engineers and low end design work.

Edit: I forgot their other niche, that of generating homework and school test answers

This seems like a variation on the President's (and my CTO's) process of 1. go on record both supporting and denouncing all positions, but commit to none, 2. wait... 3. spin your previous wisdoms based on the actual outcome. A super-inconsistent & confusing track record is actually a major asset when executing this strategy!

This sort of approach is pretty aggressive and definitely contrarian to the general market, but some alternatives to mitigate the coming pain (if you believe it's near) would be shifting into a more liquid position to take advantage of tightening liquidity, i.e. big companies may see their shares tank but will likely still be able to service their debt. In the meantime you'll miss out on a market that still seems pretty strong.