I agree that it’s not going to be profitable, when it comes to monopolistic profit. AI is increasingly commoditized and providers can’t set prices too far out of band with their competition, which includes local models, Chinese distillations, and established giants which can operate at a loss indefinitely. I haven’t seen any moat appear thus far, and we’re rapidly approaching the point where we will learn the bitter lesson again. As another comment said, we should draw a distinction between "AI is valuable" and "AI justifies its current investment levels."