AI productivity gains are taking much longer to materialize in non-tech businesses, limiting revenue opportunities for AI hyperscalers

"If token costs converge toward zero for most AI use cases, then there is not enough revenue for all hyperscalers even in a situation where compute demand surges higher. The list of slow-moving sectors is long, spanning health care, banking and insurance, energy and utilities, defense and aerospace, pharma and life sciences, manufacturing, transportation and logistics, construction and real estate, education, legal and the public sector."