It's high-risk in that it's proven to not work anymore. Scale isn't a differentiator or won't be in the short term.

Meanwhile, everyone else is working on making these models more useful through a ton of ecosystem around them.

I don't see how the frontier labs will have any control over that to deliver on what investors expect. As mentioned in another post here, if they could, they would already be spawning hundreds of companies to diversify their reach but they aren't, because this era of AI is awesome but still doesn't allow a few individuals to replace millions of others that easily (or efficiently).