Eh, if this is true then IBM and Intel would still be the kings of the hill. Plenty of companies came from the bottom up out of nothing during the 90s and 2000s to build multi-billion dollar companies that are still dominate the market today. Many of those companies struggled for investment and grew over a long timeframe.

The argument is something like that is not really possible anymore given the absurd upfront investments we're seeing existing AI companies need in order to further their offerings.