We have two worlds:

1. Cutting edge LLMs developing ASI/AGI. 2. AIs doing general knowledge work

The second world will be achieved far before the first world is achieved. And as the first path gets develolped, the second path becomes cheaper and cheaper to run inference on along with being democratized which reduces the margins for the cutting edge companies. It seems like a mad dash to go as far as possible until 90% of general work can be automated with more cheaply available tech