Which is mostly insane amounts of debt leveraged entirely on the moonshot that they will find a way to turn a profit on it within the next couple years.
Apple’s bet is intelligent, the “presumed winners” are hedging our economic stability on a miracle, like a shaking gambling addict at a horse race who just withdrew his rent money.
Put another way, there is no demonstrated first mover advantage in LLM-based AI so far and all of the companies involved are money furnaces.