GenAI clearly meets the "transformative" standard.
OTOH it seems likely that it will have difficulty with the "Amount and substantiality" as it considers the whole art work, OTOH this is not necessarily a hard barrier given the "transformative" nature.
My guess is that the "Effect upon work's value" standard vs. the "transformative" standard will be the area where there is most action. Clearly, in aggregate, GenAI will have great impact upon works value. However, this is not the usual standard (it is about individual works), and I would argue that this would be creating new law by the courts.
Hopefully we will get a case to the supreme court to resolve this, quickly. I think that this is a boon for humanity and I would like to see the cuffs taken off as quickly as possible.