Are the results a paradigm shift so much better that it's worth the hundreds of billions sunk into the hardware and data centers? Is spicy autocomplete worth the equivalent of flying from New York to London while guzzling thousands of liters of water?
It might work, for some definition of useful, but what happens when the AI companies try to claw back some of that half a trillion dollars they burnt?
This stuff is a pretty neat magical evolution and it should not be the domain of any single company.
Also a lot of the hardware and so on has/is being paid for. AWS gcloud, etc aren't taking massive losses on their H100 and other compute services. This bubble is no different than any prior bubble ultimately, and bankruptcy will recycle useful assets into new companies and new purposes.
Which btw why the US is still a huge winner and will continue to be -> robust and functioning bankruptcy laws and courts.