It is almost reassuring to think that rich and powerful people all know what they are doing every step of the way. A handful may, but most certainly do not. Most are also terrified of AI. Stable profits are always better than transformative change, if you already have power and riches. Look at how insane companies are acting right now with token quotas for employees and mandates AI usage - the goal is not to milk profits but to not fall behind every other company in case this becomes table stakes. They are trying not to be devoured by a beast they don't understand.

When the AI bubble pops, large companies will be extremely relieved to stop throwing money into the wind playing this game. For most companies, the AI arms race is a huge hassle. They are fine with losing money in the short term and even in the long term as long as they can find a stable path forward.

This is the exact same trajectory as when the internet came out and every insurance company and toothpick manufacturer spent gobs of money to have a brochure website built because everyone else had one. This will play out differently, but recognize most companies are acting entirely from a place of fear right now.