The Samurai thought they were producing stability too. Overnight they went extinct. Japan did not. Its a lesson in assuming certain organizing and stabilizing structures are permanent.
How can they be when the environment around such legacy structures is constantly changing and these days changing faster than the Shoganate can adapt. The story writes itself.
This feels as if Satya sees where the fees are headed and isn't seeing how those costs are going to be recouped in sales or productivity.
Driven by FOMO, investment in AI is proceeding as if the value proposition is a done deal.
In other words, AI spending may well be out of touch with reality --- but no one can really say for sure at this point.
Roughly half of current S&P market capitalization is AI related. AI is too big to fail.
This affects the entire economy and everyone in it, whether you directly use or invest in AI or not.