RTFA; it's not about AI's massive impact or lack thereof ... it's about these businesses not having a viable business model that will sustain them (beyond the next couple years).
The business model does appear to be viable for these labs. But that viability comes because they aren't wasting a bunch of R&D money developing worthless products like AI video production.
Regarding your comment about the business model—the people in Silicon Valley are not stupid. They know the playbook; we've seen it with social networks. The issue isn't the business model itself; it's that these companies need to dominate the market, and the big players are competing for that on a global scale. It's the exact same playbook that played out in financial systems and social networks, and now it's happening with AI. Once these technologies are deeply integrated into enterprises and the global economy, these players will dominate the market for decades to come.
I can assure you, the people running those companies are smarter than you, me, and the author of this article."