If AI hasn’t actually, really, been here for even a single fiscal year then it explains away everything. Suddenly the fact that it’s made zero impact on productivity, that no one is making any profit on it, all of that becomes justified. “It’s still early.”

I think you’ve nailed it.

I clearly remember 2023 being the year where AI and ChatGPT hit the mainstream. Looking back, nvidia’s stock price had already doubled in the first half of 2023.