If you think your competitors are committing financial suicide by borrowing money they don’t have to fund a project with a dubious rate of return, you wait and see.
To me, the "wait and see" approach looks more like "we have no strategy for the hottest technology revolution in decades that threatens a bunch of our moats." Maybe they're hoping that the bubble pops and then they can pick up a suitable AI company on the cheap -- thankfully they have buttloads of cash -- but you know what they say about hope and strategies...
Personally I'm hoping for strong on-device AI capabilities to reduce dependency on the clouds / AI labs, but I'm losing hope that it'll be from Apple.