Putting aside my (trenchant) philosophical issues with the term 'AI', I also don't think just pragmatically that it's a good categorical label.
We both appear to agree that Machine Learning is a very powerful technology that will have huge impacts. Machine Learning requires (and will continue to require) a lot of compute and thus large costs but will also, almost certainly, produce great profits in some domains (FSD being one).
It's a lot less clear to me that LLMs will 1) continue to require lots of compute beyond the short term (languages can get close to being 'solved') or 2) that LLMs will generate substantial profits because a) the model can escape capture from a monopoly player far more easily and b) while useful for translation, pulling summarised data from a corpus, recognition of voice commands, etc, none of these applications actually make for the kind of profound impacts that ML is capable of, because none of them transcend human ability like ML has the power to do.