Let's say that asicminer starts making miners for other SHA based proof of work applications...
I'm posting this b/c I am bummed that I didn't buy any
Feel free to tell me why my question is completely stupid.
It's not a stupid question. But investments are often priced at a multiple to expected future value, which may be greater than the current value of currency. What you have to remember is that bitcoin is just another currency and it's economy of use is very small. ASICMINER operates largely outside of that economy and buys loads of resistors, capacitors, and circuit boards with "dollars". So in dollar terms converted to bitcoin, it's quite easily possible for them to be worth more than the total value of all bitcoins.
A better question IMO is if they're really worth so much in the first place (forgetting bitcoins and exchange rates and the total number of bitcoins ever possible). My view is no, ASICMINER is a bubble. Then again, I sold half my asicminer at 1.2 and the rest at 2.4. Shows how much I know.