> These companies have engineered themselves into a position where being allowed to fail would wreak catastrophic damage

Where is this assumption of malicious intent coming from? This has all been fueled by a global AI hype that might or might not prove to be justified in the end. The overall economic situation looks (IMO) quite similar to that of the railroads in the US and those did ultimately fail and were nationalized(ish).

The current situation is hardly limited to the US and capitalism. China also appears to be actively reorganizing their economy around AI.