LLM frontier companies are more akin to infrastructure like chips and airplanes and the internet than applications built on top of it. There will be products built on top of them that generate revenue.

eg. processors are needed for everything on the planet. No Intel isn't going to generate annual revenue in the trillions because of that. In the case of frontier companies the moat is even smaller with dozens of players competing. LLMs will become a low-cost commodity. You meanwhile can make billions building applications using them though.