They want AGI, which would match or exceed human intelligence. Current methods seem to be hitting a wall. It takes exponentially more inputs and more power to see the same level of improvement seen in past years. They’ve already eaten all the content they can, and they’re starting to talk about using entire nuclear reactors just to power it all. Even the more modest promises, like pictures of people with the correct number of fingers, seem out of reach.

Investors are starting to notice that these promises aren’t going to happen. Nvidia’s stock price is probably going to be the bellwether.