The problem seems more to be that every last one of these companies are burning through cash at an astonishing rate. No one, least of all Google, is making a profit from AI. They keep dangling AGI in front of investors even though no one can really define what it is.

Companies like Uber and Amazon operated at a loss, true. But they had an actual product. And they didn't come close to the money Google, Meta, OpenAI and Microsoft are losing.