What If All The AI Spending Never Pays Off?

What if all the AI spending doesn't pay off? That's the question no one wants to ponder currently, caught up as we all are in a hype cycle for the ages. A few brave souls are willing to "go there" (so to speak). Just a few days ago, for example, SocGen's Albert Edwards asked if AI spend might be seen, in hindsight, as analogous to "over-investment in cabling by the Telecoms in the late 1990s." I think the answer's "no," but the figure below's worth a highlight all the same. Down there at t