Even in the M7, I doubt AI is having much impact other than benefiting from AI spending. Its hard to point to any non-AI products in the M7 that have meaningfully improved since 2023.

The problem isn't that "AI doesn't understand..." this or that, as concluded by the article though. Its more a lack of creativity and incorrect reasoning about what AI can and cannot do. For one, whole role replacement is pure fiction and likely will never happen with LLMs. I expect most businesses will look very different in the next 10 years due to AI and it will not be smooth as the needed creativity will mostly happen in startups (and perhaps companies that can truly operate like startups) and diffuse out from there. I'd expect a lot of churn in the S&P493 and even the M7 most likely.

One way they seem to have benefited from AI is that it reintroduced the idea of paying for new software features. For many years Google just gave away everything for "free" (modulo ads obviously). Now Google adds a new feature and adds a little sparkle and says "pay up!"