"Artificial intelligence may be the most transformative technology of our lifetimes — and a graveyard for the companies built to own it.
"That isn't a contradiction. It's economics. The railways remade the world and ruined the people who financed them. Aviation shrank the planet and destroyed investor capital for a century. The pattern is old and the reasons are precise: when a productivity gain becomes available to everyone, it stops being worth anything to anyone who sells it. It becomes a gift to consumers. ...
"AI could deliver staggering welfare gains and barely register in GDP — [because] 'transformative' and 'profitable' are two very different words."
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