There is a flawed premise with AI
Companies spending like mad are operating under the assumption that it will be like PCs or smartphones, where there are at most two winners. So they are spending everything they can because they want to be one of those two winners.
But those markets ended up with only two dominant players due to network effects. Despite stuff like Java we still operate in a market where software is written to run on a particular operating system. Yes it can be ported to others but that's not free, nor is the support. So it is really really hard for a new PC or smartphone operating system to break in to the market and establish anything beyond a niche (like Chromebooks in schools)
I don't see much in the way of network effects for AI. I can use OpenAI and if it doesn't give me what I'm looking for I can try Claude. If I can't find an app I'm looking for on my iPhone, if that app exists on Android that doesn't help me at all. Now sure there will be software layers added to specific ones (like Claude Code) but there's nothing stopping you from having Claude Code write you some software, then later have ChatGPT modify it. The output of AI is not tied to a particular API, it is stuff like English words, C code, or whatever. It is fungible, so the only reason one or two AIs might "win" is because they are better (like Google Search was 20 years ago) but even then you will probably end up using Copilot on Windows because Microsoft is pushing it, you'll use Siri on iPhone because that's built in, etc. You might go looking for a "better" AI for certain tasks. A corporation might sign a deal with a particular AI but they aren't likely to stop employees from using other ones that fulfill certain roles better.
I think all this massive investment to "win" is based on a fundamentally flawed notion, that AI will be like smartphones and there is only room for one iPhone and one Android and everyone else will be the Windows Phone or Blackberry of AI.