Were you to glance at the trajectory of top AI stocks — OpenAI, Microsoft, Nvidia, and the like — you'd be convinced the industry is making money hand over fist.

Look a bit deeper, however, and cracks start to show in that facade, betraying one massively inconvenient truth: that the AI industry has not yet figured out how to be profitable, and possibly never will.

In interviews with the New York Times, even the most enthusiastic AI proponents were unable to spin the technology (and the industry surrounding it) into something that resembles profitability.

"The raw technological horsepower [of AI] is terrific," bemoaned MIT research scientist and AI consultancy founder Andrew McAfee, "but it’s not going to determine how quickly AI transforms the economy."

There is, of course, one massive

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