I just don’t get the sense that we are at the model T stage yet. This feels more like the Cugnot Steamer era, not the Model-T era.

1.6% of GDP wasn't poured into the model T. And even if it was there was a definite market and a clear path to profitability. These fundamentals are missing, have been missing for many years, from AI. No matter how much money gets poured in there is still no way to make it profitable. It is entirely a game of wealthy spending money to consolidate power.