The mag 7 are getting direct or nearly direct revenue from AI inference. New money is pouring into that - it is not zero sum. Everyone else is getting internal productivity lifts that are matched by competition, and when they are deploying inference features they are usually ones their customers didn’t ask for and don’t value, OR that they expect everyone to have and are not a differentiator.

I think you are also correct that a lot of value is being wasted with projects that are developed impressively fast but that provide little value. It could be those are simply surplus personnel trying to add value or make people think they do.