At some point AI may deliver the level of net economic benefit you reference, but it's not entirely clear that we're there yet.

Right now much of the direct monetization occurs via OpenAI and Anthropic, who together have around $30B in annualized revenue. They are burning cash like crazy, though admittedly have potentially sustainable unit economics (gross margins around 40-60% before revenue share).

However, they need to spend a huge chunk of revenue on training. OpenAI spent something like $9b on training against around $13-14b in rev in 2025 (different from annualized rev) according to The Information. Anthropic's mix is supposed to be similar. Also implies a lot (maybe majority) of their compute spend is training.

If scaling laws falter, what happens to training spending? What happens to competitive degree of differentiation given Chinese open source models are a few months behind frontier? Then what happens to margins? It is very fragile.