That's all true... however the point that Google will get just $1 billion per year from Apple for the AI service is still insightful.

If AI use via Apple represents 10% of the total that vaguely implies that the total AI market is worth around $10 billion per year (which admittedly seems a bit low), and if it is just 1% (which also seems low) then we get $100 billion per year upper-end estimate.

Which just is not enough to justify the current valuations of AI companies.