But AI is different than previous waves, like search engines and social networks. You can download a model on a stick. You can run it on a CPU or GPU, even a phone. These models are easy to work with, directly in natural language, easy to fine-tune, faster, cheaper, and private under your control. AI is a decentralizing technology, will empower everyone directly, it's like open source and Linux in that it puts users in control.
And that sand takes a very, very long time with lots of big brains to figure out how to manipulate at the nanometer level in order to give you a "beep boop"
It's not like Intel could decide tomorrow to spin up a fab and immediately make NVIDIA and TSMC irrelevant. They're the next closest thing given they make chips, have GPU technology, and also foundry experience and it's still multiple years of effort if they chose that direction.
Your statement is a lot like saying "poker has predictable odds" and yet there is still a vast ocean of poker players.